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Annual inflation in Russia may reach 18-23% in 2022 — Central Bank

According to the regulator, under the influence of the ongoing monetary policy, the annual price growth rate will be in the range of 5-7% by the end of 2023 and by 2024 will return to the target value of 4%

MOSCOW, May 11. /TASS/. Annual inflation in Russia will be 18-23% in 2022, according to the report of the Central Bank on monetary policy. The regulator adds during most months of the rest of the year inflation can grow.

"Annual inflation during most months of the rest of the year can grow, and by the end of 2022, the annual growth rate of consumer prices will be in the range of 18-23%. In 2023-2024, inflation will slow down under the influence of a combination of disinflationary factors," the report says.

According to the regulator, under the influence of the ongoing monetary policy, the annual price growth rate will be in the range of 5-7% by the end of 2023 and by 2024 will return to the target value of 4%.

"Despite a significant change in the conditions for the implementation of monetary policy, inflation near 4% remains the main target of the Bank of Russia. The decision taken on February 28 to raise the key rate to 20% made it possible to slow down a sharp surge in inflation and protect the economy from risks to financial stability," the regulator says.