ST. PETERSBURG, June 19. /TASS/. The Bank of Russia will continue to persistently pursue the reduction of inflation to the target level of 4%, Governor of the Bank of Russia Elvira Nabiullina said at the St. Petersburg International Economic Forum (SPIEF).

"The inflation forecast is a calculation backed by our determination to achieve the target. Some might call this stubbornness <…>, but 'persistence' is a more accurate term. We have been striving and will continue to strive to bring inflation down to the target level of 4%," she said.

Nabiullina emphasized that reducing inflation is crucial both for individuals and for businesses, as high inflation erodes income and savings. "Low inflation is the foundation for the growth of real household incomes," she concluded.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.