“The increase in the key rate in the second half of the year stopped the acceleration of inflation and made a significant contribution to the stabilization of the ruble. The full accumulated effect of increasing the key rate will manifest itself in a slowdown in price growth in 2024,” follows from the regulator’s annual report for 2023.
The Russian Central Bank kept its key rate at 16% for the second time in a row. As the Central Bank noted, the annual growth rate of consumer prices in the country still remains high and fluctuates around 7.7%, but by the end of 2024 it should drop to 4-4.5%.
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