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Bank of Russia expects further inflation acceleration

According to the regulator, as demand increases and accumulated commodities' stocks decrease, the effect of the weaker ruble will affect pricing to a greater extent

MOSCOW, July 14. /TASS/. The Bank of Russia continues to expect inflation to accelerate in the coming months as price pressure builds and the low levels of summer-fall 2022 figures are not taken into account anymore, the regulator said on Friday.

Taking current monetary policy into account, the baseline scenario from April 28, 2023, predicted that inflation will be 4.5-6.5% in 2023, 4% in 2024, and close to 4% in the future. At the same time, consumer prices climbed by 0.37% in June 2023 (up from 0.31% in May). Seasonally adjusted monthly increase in prices accelerated to 0.52% (0.39% in May), corresponding to 6.4% in annual terms. The average price growth for three months (April - June 2023) was 0.41%. Annual inflation also increased, reaching 3.25% (from 2.51% a month earlier).

According to the regulator, as demand increases and accumulated commodities' stocks decrease, the effect of the weaker ruble will affect pricing to a greater extent. The ruble fell by 5.2%, 4.9%, and 2.8% against the dollar, euro, and yuan in June 2023, respectively, but its effect has been less evident than normal, the Bank of Russia said.

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