MOSCOW, Apr 11 (PRIME) -- Russia’s inflation should return to the central bank’s target of 4% in 2024, the regulator said on Monday in its annual report.
As of the end of 2021, Russia’s inflation stood at 8.4%, and the previous goal for the central bank was to drive inflation to 4% in 2022.
“But now the monetary policy should not only ensure the pricing stability, but support the structural change of the economy as well, this is why inflation will overshoot the target for some time. This is necessary for relative prices to change and companies to find new business models, new suppliers, and new sales markets. Inflation will return to the target in 2024,” the authority said.
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