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Annual inflation in Russia to continue growing until mid-year — Central Bank analysts

The inflation pressure remains currently high, particularly in stable components of the consumer price index evolution, Central Bank’s research and forecasts department noted

MOSCOW, March 12. /TASS/. Annual inflation in Russia may continue growing in case price growth rates remain high until the middle of 2024 due to the base effect, the Central Bank’s research and forecasts department said in its bulletin.

"Annual inflation slightly increased in January, from 7.42% in December to 7.44%, and reached 7.6% by December 26 because low price growth rates of last February are no more in the calculation. If high price growth rates persist in coming months, annual inflation will continue growing right until the middle of the year due to the base effect," the analysts said.

The inflation pressure remains currently high, particularly in stable components of the consumer price index evolution, the Central Bank analysts noted. Its lowering with further achievement of the 4-4.5% inflation target in 2024 will require keeping tough monetary conditions during a long period of time, the department noted.

Conclusions and recommendations in the bulletin may not coincide with the official position of the Bank of Russia.

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