30 октября 2022
The Board of Directors of the Bank of Russia decided to keep the key rate at 7.50% per annum
- The current growth rates of consumer prices as a whole remain low, contributing to a further slowdown in annual inflation. Inflation expectations of the population and businesses are at an elevated level and have increased slightly compared to the summer months.
- The inflation forecast for the end of 2022 has been updated to 12.0–13.0% and takes into account, among other things, the postponement of the indexation of utility tariffs.
- According to the estimates of the Bank of Russia, mobilization will become a deterrent to the dynamics of consumer demand and inflation on the horizon of the coming months.
- According to the Central Bank’s forecast, annual inflation will decrease to 5.0–7.0% in 2023 and return to 4% in 2024.