MOSCOW, February 6. /TASS/. The effect of raising the key rate on price dynamics is becoming more pronounced, as follows from the bulletin "What Trends Say" by the research and forecasting department of the Bank of Russia.
"The effect of the increase in the key rate into price dynamics is becoming more and more pronounced. In the future, the restraining influence of monetary policy on consumer demand and prices will increase. As a result, price growth, which still remains above 4% in annual terms, will slow down even more," the document says.
The analysts note that in December-January, the current growth rate of consumer prices decreased noticeably, but still significantly exceeds the level of 4% on an annual basis.
"It is still premature to talk about a stable trend towards a slowdown in price growth. The pro-inflationary influence of temporary factors, which, in particular, made a significant contribution to the acceleration of price growth in the second half of 2023, gave way to a disinflationary one," the analysts say.
Inflation expectations of the population and business remain elevated, and the undertaken monetary policy tightening has not yet been fully reflected in the dynamics of demand and prices.
It is noted that the conclusions and recommendations contained in the bulletin may not coincide with the official position of the Bank of Russia.