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Russia’s annual inflation expected to hit target figure in 2025 — Bank of Russia

"The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting," the regulator said

MOSCOW, June 7. /TASS/. Annual inflation will return to the target in 2025 and will be close to 4% in the future; the current rate of price growth has stopped decreasing and remains close to the values of the first quarter of 2024, follows from the press release of the Central Bank of the Russian Federation following the meeting of the board of directors.

"The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting. Furthermore, returning inflation to the target will require a significantly longer period of maintaining tight monetary conditions in the economy than it was forecast in April. According to the Bank of Russia’s forecast and given the monetary policy stance, annual inflation will return to the target in 2025 and stabilize close to 4% further on," the regulator said.

Earlier on Friday, the Bank of Russia has again kept its key rate at 16% per annum, though it holds open the prospect of increasing it at the upcoming meeting.

"On 7 June 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. The current price growth rate has stopped decreasing and remains close to the levels of 2024 Q1. Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services. The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting. Furthermore, returning inflation to the target will require a significantly longer period of maintaining tight monetary conditions in the economy than it was forecast in April," the regulator said in a press release.

Consumer activity remains high amid a significant increase in households’ incomes and positive consumer sentiment. According to companies’ surveys, investment demand remains high. Labor shortages come as the key constraint on the expansion of output of goods and services. Labor market tightness continues to grow. Unemployment has dropped to a new historical low.

The Bank of Russia Board of Directors will hold its next meeting on the key rate on July 26.

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Central Bank of Russia

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