All news

Monthly rates of inflation growth to start declining in July — Central Bank Governor

July inflation data is high so far as it also includes the adjustment of utility rates, Elvira Nabiullina noted

MOSCOW, July 26. /TASS/. Monthly rates of inflation growth will start declining as early as in July, Central Bank Governor Elvira Nabiullina told a press conference following the meeting of the board of directors, adding that inflation in stable components is expected to notably decrease further on due to the regulator’s monetary policy.

"Monthly inflation rates will start declining as early as in July, though as far as stable inflation rates are concerned they will go down slower. But we assume that under the influence of our monetary policy decisions there will be a notable decline in inflation, mainly in stable components," she said.

July inflation data is high so far as it also includes the adjustment of utility rates, Nabiullina added.

Earlier on Friday the board of directors of the Bank of Russia decided to increase the key rate for the first time since December 2023 - by 200 basis points to 18% per annum, saying that inflation has accelerated and is developing significantly above the regulator’s April forecast. The Bank of Russia noted that it would consider the necessity of further key rate increase at its upcoming meetings.