The Central Bank expects that inflation in the Russian Federation in 2023 will be close to the upper limit of the forecast of 7.0-7.5%, maybe slightly higher or slightly lower than 7.5%, said the head of the Bank of Russia Elvira Nabiullina at a briefing following the council meeting directors of the Central Bank.
According to her, the Central Bank maintains the inflation forecast for 2024 in the range of 4.0-4.5%, but the risks of upward deviation from this forecast are greater than the risks of downward deviation.
“Our forecast now is that inflation in 2023 will be close to the upper limit of the October forecast – 7.5%, maybe a little more or a little less, depending on how the price picture develops in recent weeks, and we know that the weekly inflation is quite volatile,” she said.
“We are not changing the forecast for 2024; we believe that by the end of 2024, if we pursue the appropriate monetary policy, we can have inflation of 4-4.5%. But, of course, the risks are shifted towards pro-inflationary ones. That is, the risk of inflation deviating upward from this forecast is much greater than that it will go down,” Nabiullina commented on expectations for 2024.
Let us remind you that at the meeting the Board of Directors of the Central Bank increased the key rate to 16%.
Source: Rosbalt
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