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CBR See 2023 CPI Close to Upper End of 7-7.5% Range

RUSSIA

Highlights from the CBR policy statement:

  • The return of inflation to target in 2024 and its further stabilisation close to 4% assume that tight monetary conditions will be maintained in the economy for a long period. Inflation will decline to 4.0–4.5% in 2024 and stay close to 4% further on.
  • In its further key rate decision-making, the Bank of Russia will take into account actual and expected inflation dynamics relative to the target and economic developments over the forecast horizon, as well as risks posed by domestic and external conditions and the reaction of financial markets.
  • Persistently elevated inflation expectations and their further increase pose a significant risk.
  • Current inflationary pressures remain high. Annual inflation for 2023 is expected to be close to the upper bound of the 7.0–7.5% forecast range.

See the full statement here.

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