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Household inflation expectations in Russia down 0.6 pp in November to 12.2%

The Bank of Russia projects annual inflation at 12-13% in 2022, 5-7% in 2023, and 4% in 2024

MOSCOW, November 24. /TASS/. Russian households’ inflationary expectations decreased by 0.6 percentage points in November month-on-month to 12.2%, according to files released by the Central Bank on Thursday.

"The median estimate of inflationary expectations for the coming 12 months amounted to 12.2% (-0.6 pp compared to October; the average of 2017-2019: 9.6%)," the regulator said.

According to a survey by inFOM performed under the order of the Bank of Russia, household inflationary expectations decreased in November, remaining in the range of the level in April-October, the Central Bank added.

The Central Bank’s Deputy Governor Alexey Zabotkin said earlier that inflationary pressure in Russia remained lower in the first half of November 2022, adding though that the data on inflationary expectations would also be a notable factor for decision-making on the Central Bank’s key rate in December.

The Bank of Russia projects annual inflation at 12-13% in 2022, 5-7% in 2023, and 4% in 2024.

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