Central bank analysts say inflation may exceed 7% in 2023

MOSCOW, Oct 17 (PRIME) – Russia’s price rise has been matching the high trend of 2021 in the last few weeks, and if it continues, 2023 annual inflation may overshoot the central bank forecast of 6–7%, the research and forecast department of the central bank said on Tuesday.

"The seasonally adjusted consumer price rise accelerated to 14.6% on the month in September (from 9.4% in August). Annual inflation grew to 6% from 5.2% a month earlier. The estimate of annual inflation added to 6.3% as of October 9," the analysts said.

"The price rise was similar to the steep increase of 2021 over the last few weeks. If the monthly price rise remains close to this level until the year end, inflation will exceed the current forecast of the Central Bank of Russia."

Contribution of the stable factors to inflation increased, while demand in the economy continued to rise spurred by expanding lending.

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