Inflation in Russia may rise somewhat higher in the next months, according to the Chief of the Russian Central Bank, Elvira Nabiullina, who also predicted a reduction in growth rates in an interview with the Komsomolskaya Pravda magazine.
The Central Bank chief says that the effect of the rate hike is expected to be gradual. In terms of inflation, it is possible that is surges slightly more in the follow months, while the decline in rates will start in the fall. Nabiullina added that according to the bank’s calculations, inflation will reach the goal of 4% in the second half of 2022.
Elvira Nabiullina, the head of the regulator, has previously stated that inflation in Russia was becoming increasingly concerning. According to Nabiullina, annual rates of price increase have far surpassed the intended threshold. Annual inflation in Russia increased to 6.02 percent in May from 5.53 percent in April, according to data from the state statistics office Rosstat.