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Russian Central Bank chief considers global inflation growth fundamental change of trends

There were several strong factors behind it, such as globalization, the formation of production chains, cheap labor force and the opening of a large sales market in China, Elvira Nabiullina explained

MOSCOW, January 14. /TASS/. A rise in inflation globally is a fundamental change of trends, Russian Central Bank Governor Elvira Nabiullina said at the Gaidar Forum on Friday.

"Still, is it an episode, a short-term surge triggered by various post-pandemic consequences, or is it a change of trends? I believe it is a fundamental change of trends," she said, adding that until recently the world had got accustomed to living amid low inflation.

There were several strong factors behind it, such as globalization, the formation of production chains, cheap labor force and the opening of a large sales market in China, Nabiullina explained. After the financial crisis those global trends (globalization, production chains) started to subside, she added.

The Gaidar Forum in an annual international research and practical conference in the economic field that has been held since 2010. The event is traditionally co-organized by the Russian Presidential Academy of National Economy and Public Administration, the Gaidar Institute for Economic Policy, and the Association of Innovative Regions of Russia. TASS is a general information partner of the forum.