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RUSSIA: CBR Sees Inflation at 13-15% in 2025

RUSSIA
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Russian imports will fall in 2024 due to problems with cross-border payments and logistical difficulties linked to Western sanctions, the central bank said in a draft of its monetary policy guidelines for 2025-2027 published today. Other selected highlights below:

  • Inflation in 2025 will increase to 13.0-15.0% due to a significant reduction in supply. To prevent the inflationary spiral from unwinding, the Bank of Russia will be forced to significantly tighten the monetary policy.
  • The key rate will average 20.0-22.0% per annum in 2025. In 2026, to limit inflation risks and ensure that inflation returns to the target, the Bank of Russia will also conduct a tighter monetary policy than in the baseline scenario.

See the full release here.

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Russian imports will fall in 2024 due to problems with cross-border payments and logistical difficulties linked to Western sanctions, the central bank said in a draft of its monetary policy guidelines for 2025-2027 published today. Other selected highlights below:

  • Inflation in 2025 will increase to 13.0-15.0% due to a significant reduction in supply. To prevent the inflationary spiral from unwinding, the Bank of Russia will be forced to significantly tighten the monetary policy.
  • The key rate will average 20.0-22.0% per annum in 2025. In 2026, to limit inflation risks and ensure that inflation returns to the target, the Bank of Russia will also conduct a tighter monetary policy than in the baseline scenario.

See the full release here.