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Russia’s Economy Ministry expects inflation to decrease by year end

Maxim Reshetnikov noted that the Bank of Russia’s forecast for inflation in 2024 "is within our [the Ministry of Economic Development's] range of current estimates"

MOSCOW, July 26. /TASS/. The Russian Ministry of Economic Development expects inflation in Russia to decrease by the end of the current year, in this regard the Ministry's estimates are consistent with those of the Bank of Russia, Economic Development Minister Maxim Reshetnikov said.

"We [the Bank of Russia] share the same assumption that by the end of the year it [inflation] will decrease. We have been already seeing this process in recent weeks. As far as inflation is concerned, we always focus on the targets set by the Bank of Russia," the minister said.

He added that the Bank of Russia’s forecast for inflation in 2024 "is within our [the Ministry of Economic Development's] range of current estimates."

At the same time, Reshetnikov believes that potential growth of the Russian GDP is higher than the estimates of the Bank of Russia, he said on Friday.

On July 26, the Board of Directors of the Bank of Russia decided to raise the key interest rate for the first time since December 2023 from 16% to 18% per annum. In the future, the regulator will consider the advisability of further increases.

The Bank of Russia also raised its forecast for GDP growth in 2024 to 3.5-4%. In 2025, according to the Central Bank, the Russian economy will grow by 0.5-1.5% (previously predicted - 1-2%), and in 2026 - by 1-2% (1.5-2.5%). The Ministry of Economic Development expects the Russian economy to grow by 2.8% in 2024, by 2.3% in 2025 and 2026, and by 2.4% in 2027.

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