MOSCOW, September 16. /TASS/. The Bank of Russia sees the necessity to additionally toughen monetary conditions to resume the disinflation process, lower inflationary expectations and get inflation back to the 4% target, according to files released by the regulator.

"Additional toughening of monetary conditions is required for resuming the disinflation process, lowering inflationary expectations and ensuring the return of inflation to the target in 2025. Annual inflation by the end of 2024 is likely to exceed the July projected range of 6.5-7%. Considering the monetary policy pursued, annual inflation will go down to 4-4.5% in 2025 and stay close to 4% in the future, according to projections by the Bank of Russia," the document said.

Inflation added 0.2% in August following a 1.14% rise in July, with inflation pressure remaining high, the regulator said.

"In August 2024, consumer prices grew by 0.2% (by 1.14% in July). Seasonally adjusted annual price growth amounted to 7.6% in August (8.7% in Q2 2024, 5.9% in Q1 2024). Annual inflation equaled 9.05%, for base CPI annual growth fell more considerably - to 8.44%," the document said.

On September 13, the Bank of Russia raised its key rate from 18% to 19% per annum and pointed to possibility of its raising at the next board meeting.