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RUSSIA: CBR May Consider Further Hikes at Upcoming Meetings

RUSSIA
CEEMEAEM BulletRussiaBulletGlobalEmerging Market NewsRegion

Highlights from the policy statement:

  • The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting.
  • Current inflationary pressures remain high. By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5–7.0%.
  • According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will decline to 4.0–4.5% in 2025 and stay close to 4% further on.
  • Inflation expectations of households and businesses continued to rise. Analysts’ short-term inflation expectations increased.
  • GDP data for 2024 Q2 and high-frequency indicators in July-August show that the growth of the Russian economy slowed down slightly.
  • Over the medium-term horizon, the balance of inflation risks is significantly tilted to the upside.
  • Changes in fiscal policy may require a revision of the monetary policy parameters.

Full policy statement here.

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Highlights from the policy statement:

  • The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting.
  • Current inflationary pressures remain high. By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5–7.0%.
  • According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will decline to 4.0–4.5% in 2025 and stay close to 4% further on.
  • Inflation expectations of households and businesses continued to rise. Analysts’ short-term inflation expectations increased.
  • GDP data for 2024 Q2 and high-frequency indicators in July-August show that the growth of the Russian economy slowed down slightly.
  • Over the medium-term horizon, the balance of inflation risks is significantly tilted to the upside.
  • Changes in fiscal policy may require a revision of the monetary policy parameters.

Full policy statement here.