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Annual inflation in Russia totals 5.9% as of October 2 — Central Bank’s deputy chief

According to the regulator, the inflation outlook of the end of this year stands at 6-7%

MOSCOW, October 10. /TASS/. Annual inflation in Russia amounted to 5.9% as of October 2, the Central Bank’s Deputy Governor Alexey Zabotkin said addressing the State Duma (lower house of the parliament).

"The estimate of annual inflation from weekly data as of October 2 is up to 5.9%. We suggest that proinflation risks predominate now," he said, adding that the regulator’s inflation outlook of the end of this year stands at 6-7%.

The Bank of Russia admits additional tightening of its monetary policy for returning inflation to 4%, Zabotkin noted. "We believe that for returning inflation to the 4% target in 2024 it will be necessary to maintain stringent monetary policy during the next year. And we do not rule out that additional toughness will also be required, apart from decisions that have already been taken," he said.

Russia’s Central Bank raised its key rate to 13% in September from 12% per annum. The next meeting of the regulator’s board meeting is scheduled for October 27.

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