Central Bank: annual inflation in December 2023 amounted to 7.42%

The Central Bank explains inflation indicators by “a decrease in the stable component of price growth and a slowdown in the rise in prices of goods and services with volatile prices.” In the fourth quarter of last year, according to the regulator, consumer prices grew at a rate of 8.7% - lower than in the previous quarter.

At the same time, the Central Bank notes that the rate of price growth remained high for a wide range of goods and services. The regulator named high domestic demand as the main factor. In this regard, the Bank of RUSSIA emphasized the need for a tight monetary policy. “Taking into account the current monetary policy, annual inflation will decrease to 4.0–4.5% in 2024 and will be close to 4% in the future,” the report says.

According to the Ministry of Economy, annual inflation in Russia from January 1 to January 9, 2024 slowed to 7.44% from 7.59%. The HEAD of the Ministry of Economy, Maxim Reshetnikov, said that the accelerated rise in prices for goods will slow down due to “maximum support for the supply economy.”