The head of the Russian Federation Central Bank gave inflation and key rate forecast for the year

The Chairman of the Russian Federation Central Bank, does not exclude inflation in the country slightly exceed the upper limit of its forecast framework of 7.4-7.9%, by the end of this year. There is a cessation of its steady strengthening, as indicated by the volatility of consumer prices observed this month. According to the head of the Central Bank opinion, the inflation rate this month may overcome the projected upper mark of 7.9%. Nabiullina draws attention to the fact that temporary and short-term fluctuations in inflation cannot become a decisive basis for interest rate decisions. Therefore, further control over the inflation dynamics by the Russian financial regulator is required. At the same time, she believes the rate is unlikely to remain at the current level or will be raised by 0.25 percentage points until the end of this year.

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Arseny Kudrin

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