MOSCOW, October 16. /TASS/. Annual inflation by the end of 2024 is likely to exceed the forecast range of 6.5-7%, according to the Bank of Russia.

"More restrained demand growth and corresponding tightening of monetary conditions are needed to resume the disinflation process, reduce inflation expectations and ensure that inflation returns to the target in 2025. Annual inflation is likely to exceed the July forecast range of 6.5-7.0% by the end of 2024," the regulator said.

According to the Bank of Russia, consumer prices increased by 0.48% in September 2024 (by 0.2% in August). Seasonally adjusted price growth in September was 9.8% in annual terms (in August - 7.5%, in Q2 2024 - 8.7%, in Q1 2024 - 5.9%).

Meanwhile, according to the Ministry of Economic Development, annual inflation in Russia from October 8 to 14 remained almost at the level of the previous week and amounted to 8.51%.

Annual inflation in Russia on October 1 - October 7 slowed to 8.52% from 8.57%. In early September, the Ministry of Economic Development raised its inflation forecast for Russia in 2024 from the previous 5.1% to 7.3%.