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Returning to target inflation in 2024 may need monetary policy stringency — Bank of Russia

"If monthly price growth remains close to it until the end of the year, inflation may exceed the Bank of Russia's current forecast," the regulator added

MOSCOW, October 17. /TASS/. Returning to target inflation against the backdrop of stimulating fiscal policy in 2024 may necessitate additional monetary policy tightening, according to the Bank of Russia.

"Decisions already made on monetary policy will lead to a gradual slowdown in inflation processes in the coming months and quarters. Returning inflation to target in 2024 under stimulating fiscal policy may necessitate additional monetary policy tightening," the regulator said.

At the same time, Bank of Russia experts noted that the annual inflation estimate rose to 6.3% as of October 9. "In recent weeks, price growth has followed the high 2021 trajectory. If monthly price growth remains close to it until the end of the year, inflation may exceed the Bank of Russia's current forecast," the regulator said.

Experts from the regulator believe that the Bank of Russia’s monetary policy decisions will encourage a gradual increase in savings in a way to restore demand growth to a pace that corresponds to the possibilities for expanding supply.

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