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Central Bank Governor believes 4% inflation goal possible to achieve in 2025

"In October, we will provide an updated forecast on the key rate trajectory, which is required in the base-case scenario for returning inflation to the 4% goal," Elvira Nabiullina said

MOSCOW, September 13. /TASS/. It is possible to return inflation to the 4% target in 2025, Central Bank Governor Elvira Nabiullina told a press conference, adding that the regulator is taking steps for it, and that it would revise the forecast on the key rate trajectory in October.

"As far as the inflation goal of 4% is concerned, we believe that it is possible to achieve it next year and we pursue the policy to achieve it. What rate will be needed for that? In October, we will provide an updated forecast on the key rate trajectory, which is required in the base-case scenario for returning inflation to the 4% goal," she said.

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 earlier. 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 they have not yet demonstrated downward trends, the regulator noted.