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CBR Deputy Head Says Decline In Inflation May Now Be Slower

RUSSIA

Comments from Zabotkin via Reuters crossing the wires:

  • The decline in inflation may now be slower
  • We will move smoothly towards inflation target to help economy adjust to changes
  • Inflationary expectations of households and businesses remain elevated
  • Bank will make further rate decisions in these circumstances based on situation and risk-balance forecast
  • We will refine forecasts in October, improve GDP forecast
  • We expect GDP to grow by 1-2.5% in q4 2023 y/y
  • We still estimate a neutral rate range of 5-6%
  • We're waiting for budget deficit to reduce.
  • If budget deficit increases, rate could be higher
  • Lending in the economy is growing at double-digit rate in 2022 year on year
  • Retail lending in 2022 is growing at 5-10%
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