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Russians' inflation expectations rise to 11.7% in September — Bank of Russia

At the same time, enterprise price forecasts have reached their highest level since April 2022

MOSCOW, September 26. /TASS/. Inflation expectations of Russians continued to grow in September and increased by 0.2 percentage points (pp) compared to August, amounting to 11.7%, the Bank of Russia said on Tuesday.

"Inflation expectations continued to rise in September. The median estimate of inflation expected by the population in the next 12 months <…> increased in September to 11.7%, or +0.2 pp compared to August and +1.2 pp to the average for the second quarter of 2023," the regulator said.

At the same time, enterprise price forecasts have reached their highest level since April 2022. "Professional analysts have also raised their projections for 2023 and 2024. The Bank of Russia's policy aims to reduce inflation expectations and return inflation to target. According to the Bank of Russia's prediction, taking current monetary policy into account, annual inflation will be 6-7% in 2023, 4% in 2024, and close to 4% in the future," the regulator said.