Central Bank updates inflation forecast

Annual inflation in Russia may rise in May and accelerate in the summer, TASS reports quoting Central Bank experts.

According to Kirill Tremasov, Head of Monetary Policy at the Bank of Russia, inflation may exceed 4% in the third quarter.

In April 2023, the Central Bank estimated annual inflation at 2.3%, Spartak Sobolev, Head of Investment Strategies Research at Alfa Forex, told Invest Foresight.

“Prices may go up in summer reflecting the 20% weakening of the ruble since the beginning of the year; this kind of trends usually manifest themselves with a time lag of two or three months. Higher prices in the domestic fuel market may also be a factor here, driven by the increase in exchange prices and the summer driving season,” the expert explained.

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