The rise in inflation in the country is of increasing concern, said Central Bank Chairman Elvira Nabiullina. According to her, the acceleration of price growth was influenced, in particular, by the soft monetary and credit in Russia.
The head of the Central Bank held a press conference after the regulator decided to raise the key rate to 5.5%. Ms Nabiullina said that in May the annual growth rate of prices in Russia reached 6%, and this is “significantly higher than the target level.” According to her, “the current inflationary pressures have increased.” According to the head of the Central Bank, the preservation of a soft monetary policy will “fuel the rise in prices” in the country.
“All these factors together, including stimulating monetary and fiscal policy in large economies, increase the risk that the acceleration of inflation not only in our country, but also in most other countries, is of a more sustainable nature than it seemed at first glance,” – said Elvira Nabiullina.
Rosstat estimated annual inflation in May at 6.02%. According to him, the increase in food prices for the year amounted to 8.07%. The Research and Forecasting Department of the Central Bank hoped that inflation would move to a steady decline not earlier than autumn.
About the next increase in the key rate – in the material of “Kommersant” “The key rate is stepping up.”