Inflation in Russia at the end of 2022 will be 4-4.5%

The Russian Central Bank has released its inflation forecast. He believes that by the end of next year it will approach the level of 4-4.5%. In subsequent years, the growth rate of prices in the Russian Federation will not exceed the target value of 4%. Currently, inflation in the country is higher than the forecast, which was published in October. Then the Central Bank expected the annual inflation rate in the range from 7.4% to 7.9%. However, in October and November, consumer prices rose by 8.4% on an annualized basis, which was the highest value in a 6-year period. A regular meeting of the Russian Central Bank took place last Friday. Its participants decided to increase the base rate by 100 basis points. Now it is at 8.5%. The Central Bank of the Russian Federation has raised the rate for the 7th time in a row. According to the Central Bank’s forecast, the Russian economy will grow by 4.5% in 2021. This is slightly higher than the forecast of the Ministry of Economic Development. It expects annual GDP growth of 4.3%.

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Arseny Kudrin

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