Anticipated Surge in Russia's Annual Inflation from May, as Predicted by Bank of Russia
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- 18 May 2023
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The Bank of Russia revealed its projections indicating a forthcoming escalation in Russia's annual inflation, commencing from May.
In a statement released on Wednesday, the regulator explained that this upturn is expected due to the exclusion of the lower monthly growth values observed during the summer months of 2022 from the calculation of annual inflation.
Based on the Bank of Russia's calculations, Russia witnessed an annual inflation rate of 2.31% in April, accompanied by a monthly price growth of 0.38%. Over the three-month period from February to April 2023, the average price surge reached 0.29%, which aligns closely with the yearly rate of approximately 4%.
As outlined in the regulator's fundamental scenario, accounting for the current monetary policy, Russia's annual inflation is projected to reach a range of 4.5-6.5% in 2023.
However, it is expected to regress to 4% in 2024 and maintain a proximity of around 4% in the foreseeable future.
