Inflation in Russia in 2021 will be slightly more than 8%. Elvira Nabiullina, Chairman of the Bank of Russia, announced this on the air of the Russia 1 TV channel.
“I think that by the end of the year we will have inflation a little over 8%. That’s a lot, ”she added. “This is more than our target of 4%.”
According to the head of the Central Bank of the Russian Federation, the increase in inflation was the result of the pandemic and the global trend. She pointed out that prices are also rising in Europe and America.
“During the first months of the pandemic, demand dropped sharply. People felt insecure, but then there was a fairly rapid recovery of this demand, and the supply did not keep pace, ”Nabiullina recalled.
The head of the regulator clarified that food prices went up by 10.8%, and vegetables and fruits – by 19.4%. Prices for services grew below the general rate of price growth, added Nabiullina. The Central Bank also recorded a slight increase in mortgage rates, but the growth in loan rates will be lower than the growth of inflation and the key rate.
According to Nabiullina, the growth in house prices should seriously slow down.
Earlier, she stated that annual inflation in December will be less than November, but its steady slowdown will begin in early 2022. According to the October baseline forecast of the Central Bank, inflation in 2021 will be at the level of 7.4-7.9%.
Source: Rosbalt
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