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Inflation lowering needs tough monetary conditions — Bank of Russia

According to the Bank of Russia, consumer prices gained 0.39% in March 2024 (0.68% in February)

MOSCOW, April 15. /TASS/. Tough monetary conditions are required to be supported for a long period of time to reduce inflation, the Bank of Russia said.

"Tough monetary conditions are required to be supported during a long period of time to reduce inflation. According to the forecast of the Bank of Russia, the stringent monetary policy will limit excessive expansion of the domestic demand and its proinflationary consequences. To maintain price stability, the monetary policy will be aimed at further reduction of the stable price pressure. Considering the monetary policy pursued, annual inflation will drop to 4-4.5% in 2024 and will be near 4% further on," the regulator noted.

According to the Bank of Russia, consumer prices gained 0.39% in March 2024 (0.68% in February). The incremental price growth in annual terms with the seasonal adjustment stood at 4.5%. "The current rise in prices is much lower than observed in the third - the fourth quarters of 2023. Annual inflation stayed almost flat and was 7.72% (7.69% in February). Current price growth rates are close to values in the like period of the last year," the regulator informed.

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Central Bank of Russia Inflation

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