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The Central Bank and the Ministry of Economic Development disagreed about the deflationary spiral

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The Bank of Russia sees no risks of deflation in Russia and categorically disagrees with the opinion of the Ministry of Economic Development that the economy is already “sliding” into a deflationary spiral.

We are not talking about the risk of deflation in Russia. “So far, we have a price increase of 16.7% year-on-year. And the space for calibrating monetary policy (MP) through standard measures, namely through the key rate mechanism, is still quite significant,” said the deputy chairman of the Bank of Russia Alexei Zabotkin at the business breakfast of Sberbank as part of the St. Petersburg International Economic Forum (SPIEF-2022).

The head of the Ministry of Economic Development Maxim Reshetnikov noted on this occasion: “Russia has been experiencing deflation for the fifth week in a row. And there is no need to measure inflation year by year. minister.

“We are slipping into a deflationary spiral. And we must take this seriously,” Reshetnikov stressed.

The head of Severstal, Alexei Mordashov, supported Reshetnikov’s opinion. It’s time to “reject dogma”. “Don’t be afraid of inflation, deflation has already been secured!” Mordashov said.

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