Annual Inflation in Russia to Peak in July, Decline Expected in September — Central Bank
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Loading... - Petra Brandt
- 04 Jul 2024
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The Bank of Russia's Deputy Governor, Alexey Zabotkin, announced that annual inflation in Russia is expected to peak in July, with a gradual decline anticipated starting in August or September. This prediction was shared during an interview aired by the Rossiya-24 TV news channel.
"We will probably see the peak of annual inflation now, in July, particularly due to a serious increase in public utilities rates," Zabotkin explained. He added, "We expect to see a gradual decline in annual inflation starting August-September."
The Central Bank of Russia aims to return to its 4% inflation target by mid-2025. "The level of 4% will probably be reached by the middle or closer to the second half of next year," Zabotkin stated.
This announcement coincided with the Financial Congress of the Bank of Russia, the largest international financial forum in the country. The congress gathers experts, representatives of both Russian and foreign institutions, as well as heads of central and commercial banks, financial institutions, and the business community. The sessions are designed to facilitate interactive discussions on pressing issues facing both the Russian and global financial systems. TASS served as the general information partner for the congress.
