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Bank of Russia expects growth of prices on country’s non-energy export in midterm

According to the regulator’s forecast, the processes of adjustment and refocusing of supply directions will still be observed in 2024

MOSCOW, May 13. /TASS/. The Central Bank expects prices on non-energy Russian exports to grow with moderate rates in the midterm, according to the regulator’s commentary to macroeconomic forecast.

"Prices on non-energy Russian exports will grow with moderate rates in accordance with global inflation in the midterm," the document said.

According to the regulator’s forecast, the processes of adjustment and refocusing of supply directions will still be observed in 2024, after which in 2025-2026 export will grow faster as supply chains and trade ties expand. "Meanwhile, in 2024, oil export will be limited by OPEC+ restrictions, while gas export will rise gradually in coming years as the Power of Siberia gas pipeline reaches its project capacity. Growth of global economy will support non-oil and gas export," according to the commentary.

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