MOSCOW, October 30. /TASS/. The savings of Russian households continued to grow for the second month in a row in October, reaching a level not seen since March 2023, the Bank of Russia said.

"Respondents’ propensity to save grew for the second month in succession in October. The share of polled individuals preferring to save spare money instead of spending it to buy expensive goods increased to 55.3% (+2.1 percentage points (pp) against September). This marker is at its highest since March 2023," the regulator noted. The share of those preferring to spend disposable money lost 3 pp monthly to 25.4% in October 2023.

Inflation expectations of households remain high but dropped by 0.5 pp monthly to 11.2% in October, the Central Bank said.

According to the forecast of the Bank of Russia, annual inflation will be within the range of 7-7.5% as of the end of 2023.