MNI BRIEF: Fed Banks Unanimous On Steady Discount Rate-Minutes

MNI BRIEF: Powell - Immigration Has Neutral Inflation Impact Over Long Run

MNI China Daily Summary: Tuesday, July 9

MNI BRIEF: Mexico Inflation 4.98% In June, Above Consensus

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: 12/14-Year Bund Auction on Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Bank of Russia Revise End-2024 Inflation Forecasts Higher

RUSSIA
BulletEM BulletEmerging Market NewsHomepage
Highlights from the policy statement:
  • Current inflationary pressures are gradually easing but remain high.
  • Due to the remaining elevated domestic demand, which outstrips the capabilities to expand supply, inflation will return to the target somewhat more slowly than the Bank of Russia forecast in February.
  • According to the Bank of Russia’s forecast and given the monetary policy stance, annual inflation will decline to 4.3–4.8% in 2024 and return to 4% in 2025.
  • Inflation expectations show mixed dynamics but generally remain elevated.
  • Over the medium term, the balance of inflation risks is still tilted to the upside.
Updated forecasts (via BBG):
  • End-2024 inflation 4.3-4.8% (Prior: 4.0-4.5%)
  • 2024 GDP growth 2.5-3.5% (Prior: 1.0-2.0%)
  • 2024 average key rate 15-16%
  • 2024 current account surplus $50bn (Prior: $42bn)
115 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Highlights from the policy statement:
  • Current inflationary pressures are gradually easing but remain high.
  • Due to the remaining elevated domestic demand, which outstrips the capabilities to expand supply, inflation will return to the target somewhat more slowly than the Bank of Russia forecast in February.
  • According to the Bank of Russia’s forecast and given the monetary policy stance, annual inflation will decline to 4.3–4.8% in 2024 and return to 4% in 2025.
  • Inflation expectations show mixed dynamics but generally remain elevated.
  • Over the medium term, the balance of inflation risks is still tilted to the upside.
Updated forecasts (via BBG):
  • End-2024 inflation 4.3-4.8% (Prior: 4.0-4.5%)
  • 2024 GDP growth 2.5-3.5% (Prior: 1.0-2.0%)
  • 2024 average key rate 15-16%
  • 2024 current account surplus $50bn (Prior: $42bn)