Russian Central Bank could raise inflation forecast for 2024 in October - CBR Governor Nabiullina

MOSCOW. Sept 13 (Interfax) - The Central Bank of Russia will update its inflation forecast for 2024 in October, and the July range of 6.5%-7% will likely be raised, Central Bank Governor Elvira Nabiullina said at a press conference on Friday.

"Given the latest data, we believe that the July inflation forecast of 6.5%-7% will likely be exceeded. We will update it at the pivotal meeting in October," Nabiullina said.

Price pressure remains high owing to both stable and volatile components, Nabiullina said. "Most indicators of stable inflation continue to be in the 6%-8% corridor. These are unacceptably high levels," she said.

The CBR in a press release following the board meeting on Friday said that inflation will likely exceed the July forecast range of 6.5%-7% by the end of 2024. Meantime, the CBR has retained its inflation forecast for 2025 at 4%-4.5%. The regulator expects that annual inflation will continue to remain close to 4% given the current monetary policy.