All news

Annual inflation in Russia to continue growing — Central Bank

In line with the forecast, considering the monetary policy pursued, annual inflation will be 5.0-6.5% in 2023, the Bank of Russia informed

MOSCOW, August 14. /TASS/. Annual inflation in Russia will continue growing in months to come and will stand at 5-6.5% as of the year-end, the Central Bank said.

"According to the forecast of the Bank of Russia, annual inflation will continue growing in coming months. This will be associated with mounting price pressure and withdrawal of low values of monthly incremental growth in the summer period of 2022 from the estimation. In line with the forecast, considering the monetary policy pursued, annual inflation will be 5.0-6.5% in 2023, will return to 4% in 2024, and will be close to 4% later," the Bank of Russia informed.

Consumer prices were growing at a rate of 0.61% month on month in average over the last three months, which corresponds to 7.6% in annual terms, the regulator noted.