Support The Moscow Times!

Russian Inflation Will Peak Above 15% — Central Bank

Inflation in Russia could climb above 15 percent this year before receding in the summer, Central Bank head Elvira Nabiullina said in a Saturday interview with the Bloomberg news agency.

"Inflation will peak in the second quarter, and it may be slightly above current levels," Nabiullina said in the interview that was published Monday.

Inflation rose to 15 percent in January, compared to the same month a year earlier, as a sharp fall in the value of the ruble and a food import ban in response to Western sanctions pushed up prices.

Last year, annual inflation was 11.4 percent, the highest level since 13.3 percent in 2008.

The Central Bank, which has repeatedly stressed its commitment to inflation-fighting, last month announced a surprise rate cut.

"We are seeing factors that will lead to slower inflation," Nabiullina told Bloomberg.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more