Russia’s inflation to peak in July, decline by August

Annual inflation in Russia is expected to reach its peak in July, followed by a gradual decline starting in August or September, according to Alexey Zabotkin, Deputy Governor of the Bank of Russia.

In an interview with Rossiya-24 TV on Thursday, Zabotkin highlighted that the peak in inflation is largely driven by a significant rise in public utility rates. The central bank anticipates inflation to return to its 4 per cent target by mid-2025 or later in the second half of the year.

Zabotkin’s remarks came during discussions at the Financial Congress of the Bank of Russia, the country’s largest annual international financial forum.

The event gathers experts, representatives from Russian and foreign financial institutions, central and commercial banks, and the business community to address current challenges in both the Russian and global financial systems through interactive sessions and debates.

Attribution: TASS.