The inflation rate in Russia in September will slow down to 8.1% from 9.05% in August, according to the basic version of the forecasts of the Ministry of Economic Development, Vedomosti reported.
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In the basic version of the socio-economic development forecast, inflation rates are expected to decline for most goods and services. In a year-on-year comparison (2024-2023), services will rise in price by 10.6% in September compared to 11.7% in August, non-food products by 5.4% compared to 6.09%, food products by 8.1% compared to 9.7%.
The Ministry of Energy expects the inflation rate to be 7.3% by the end of 2024, to drop to 6.2% in June 2025, and to drop to 4.5% by the end of 2025.
On September 13, at a meeting of the board of directors, the Central Bank raised the key rate from 18% to 19% per annum. The Bank of Russia is pursuing a strict monetary policy to reduce inflation to the target of 4%.
In November 2023, when inflation in Russia was 7%, Central Bank head Elvira Nabiullina said it was no longer “harmless.”
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
