MOSCOW, October 11. /TASS/. Preconditions are in place for continued decline of inflation expectations against current inflation dynamics in Russia, the Central Bank said on Wednesday.
"Current inflation dynamics shapes preconditions for continued decline of inflation expectations. They actually stayed flat in September versus August, remaining at an all-time low level," the Bank of Russia said.
It was reported earlier the median value of inflation expected by Russians in the next twelve months amounted to 9.3% in September 2017.
Inflation drop to 3% in September is for a short term and related to a large harvest and ruble rate growth, the Bank of Russia said.
"Inflation decelerated from 3.3% in August to 3% in September 2017. Its decline is a short-term one and largely related to such temporary factors as the large harvest of agricultural crops and their late gathering, which postponed the market entry of products until September, and ruble rate growth," the regulator said.
The Bank of Russia can revise its inflation outlook as of 2017 year-end downward versus the September outlook (3.5-3.8%). However, inflation will not drop below the current level in December, the regulator noted.