“The Bank of Russia will set the key rate in such a way as to reduce annual inflation to 4% in 2024 and keep it at this level in the future,” the Central Bank said in a report.

The regulator noted that in 2022 the Russian economy entered a phase of structural adjustment due to the introduction of unprecedented external trade and financial restrictions.

Earlier it was reported that annual inflation in Russia in July 2022 slowed to 15.1% against 15.9% in June.