It is noted that initially inflation was expected at the level of 4-4.5%.

At the same time, the Central Bank kept its forecast for annual inflation in 2023-2024 at 4%.

“According to the forecast of the Bank of Russia, taking into account the ongoing monetary policy, annual inflation will decrease to 5.0-6.0% in 2022 and return to the target in mid-2023.

In the future, annual inflation will be close to 4%,” the regulator’s forecast reads.

Earlier it was reported that the Central Bank raised the key rate to 9.5% per annum.