Head of the Central Bank Elvira Nabiullina in an interview with RBC predicted that the rise in prices in annual terms in Russia can reach a peak in September.
“According to our assessment, we are on the peak values of the annual inflation, and in the fourth quarter we expect to reduce inflation,” said Nabiullina, noting that in September it is possible to increase annual indicators, but this is due to the effect of the base, since in September of the past The year in the country there was a decrease in prices by 0.1 percent.
The Chairman of the Bank of Russia did not rule out that in September “inflation will be somewhere around 7 percent.” At the same time, the rise in prices will slow down, since the effect of one-time factors will influence it less and less, and the effect of tightening monetary policy – more and more, says Nabiullin.
Previously, Nabiullina stated that the situation with housing prices in Russia would differ from the region to the region after trickling the program of the preferential mortgage. According to her, after changing the conditions of the program of the preferential mortgage, the rustic demand for residential real estate in large regions – Moscow, St. Petersburg and the Krasnodar Territory will subsides.
On September 10, the Central Bank raised a key rate by 0.25 percentage points – up to 6.75 percent per annum. The current value was the highest since November 2019, when the key rate was reduced to 6.5 percent as part of the planned policy of the Central Bank for Money Mitigation.