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Annual inflation likely to exceed July forecast range of 6.5-7% in 2024 — Bank of Russia

Underlying inflationary pressures remain high overall and have not yet demonstrated downward trends, the regulator said

MOSCOW, September 13. /TASS/. Annual inflation in Russia is likely to exceed the July forecast range of 6.5-7% by the end of 2024, the Central Bank said, adding that current inflationary pressures remain high.

"By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5-7%," the regulator said.

According to the estimate as of 9 September, annual inflation equaled 9% after 9.1% as of the end of August. Underlying inflationary pressures remain high overall and have not yet demonstrated downward trends.

The Bank of Russia raised the key rate by 100 basis points to 19% per annum at its board meeting earlier on Friday, indicating the possibility of raising it once again at the next meeting. The balance of inflation risks over the medium term has shifted significantly toward pro-inflationary ones, the regulator noted.

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