Russia's annual inflation should exceed 4% in Q3 - Central Bank dept. director

NOVOSIBIRSK. June 30 (Interfax) - Russia's annual inflation should exceed the target of the Central Bank of Russia (CBR) in the upcoming quarter, Kirill Tremasov, director of the CBR's monetary policy department, said in a statement.

"The answer is short: It should happen already in the third quarter," Tremasov said at a press conference in Novosibirsk, answering when annual inflation should exceed 4%.

According to the latest published data from the Federal State Statistics Service (Rosstat), there was annual inflation of 3.2% in the first 26 days of June, and specifically 3% on June 19.

The CBR forecasts inflation of 4.5%-6.5% for 2023, and the Economic Development Ministry forecasts annual inflation of 5.3%.

Economists polled in early June by Interfax have a consensus outlook of 5.8% for inflation in 2023.