Nabiullina speculated what inflation will be in Russia at its peak in February-March

The chairman of the Central Bank of the Russian Federation Elvira Nabiullina suggests that the peak of inflation in Russia may occur in February-March 2021 and reach about 5.5%. She stated this today at a press conference.

“We (at the Central Bank of the Russian Federation – ed.) Expect a peak in annual inflation, indeed, in February – March. And if we talk about monthly data, then it may be, rather, in February, but if you look at the annual inflation on Monday, then it may be in the first half of March, ” TASS Nabiullina, who added that inflation could accelerate to around 5.5%.

Earlier on Friday, the Bank of Russia kept its key rate at the same level of 4.25% per annum. Thus, it is holding (following the results of the fourth meeting in a row) at a historic low, to which it was dropped on July 24, 2020.

In a press release following the meeting, the regulator raised the forecast for the growth of consumer prices in the country for 2021 to 3.7-4.2%, but indicated that in the future, taking into account the ongoing monetary policy, inflation will be close to 4 %.

Let us also recall that, according to Rosstat estimates, consumer prices in Russia from February 2 to 8 increased by 0.2%, after they had not changed a week earlier, and since the beginning of the year inflation reached 0.9%. Last year, inflation as a whole for February was 0.3%, since the beginning of the year – 0.7%.

We add that in 2020, inflation in the Russian Federation reached 4.91% (December to December 2019) after 3.04% in the previous year. Moreover, the result of 2019 was the second lowest value of this indicator in the entire history of modern Russia. The absolute minimum was recorded at the end of 2017 – 2.5%, and in 2018 prices increased by 4.3%.

Source: Росбалт by

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