MOSCOW, November 7. /TASS/. Annual inflation in Russia will gradually begin to decline in the spring of 2024 as the savings activity of the population increases due to higher rates, according to the report on the monetary policy of the Bank of Russia.

"In the updated forecast, the Bank of Russia increased the forecast range for inflation for 2023 to 7-7.5%. In the spring of 2024, annual inflation will gradually begin to decline as the savings activity of the population increases due to higher rates. In the future, the expansion of demand will correspond to the growth rate domestically oriented output and therefore will not cause increased price increases," the report notes.

In October, the Bank of Russia raised its inflation forecast for 2023 to 7-7.5% from 6-7% earlier.

According to the regulator’s estimates, taking into account the current monetary policy, annual inflation will drop to 4-4.5% in 2024 and will remain close to 4% in the future.