18 Nov 2021 16:21

CBR maintaining 2021 inflation forecast at 7.4-7.9%, considers it well-founded

MOSCOW. Nov 18 (Interfax) - Inflation in Russia in 2021 will be within the bounds of the October forecast of the Central Bank of Russia (CBR) of 7.4-7.9%, CBR Governor Elvira Nabiullina said at a plenary session of the State Duma.

"We believe that this forecast is really well-founded and that inflation this year will be within these limits, and next year our monetary policy, the decisions that we make, will lead to a steady decline in inflation, and we will get inflation in the range of 4-4.5% by the end of next year," Nabiullina said.

She pointed to the lag effect of monetary policy: the decisions made now will already be reflected in next year's inflation.

"It is very important for us that inflation is near 4% month to month. It cannot be constant and stable, but it should be about 4% plus or minus on average over a certain period. That's our goal. Every month inflation may fluctuate and be shaped by one-off factors," the CBR head said.