The Central Bank reduced the rate to 9.75%

Источник: The DairyNews
The Bank of Russia made a decision to reduce the key rate to 9.75% and announced that inflation is slowing faster than expected, according to The DairyNews.
The Bank of Russia will assess the future dynamics of inflation and the economy in relation to the forecast and allows the possibility of gradual reduction of the key rate in the II-III quarters of this year, according to the message controller.

According to the Central Bank, inflation is reducing faster than expected. For the first twenty days of March, the annual pace of consumer price growth dropped to 4.3%, from 5.0% in January 2017. In February, a slowdown in prices continued in all basic groups of goods and services, as well as the decline of monthly inflation with the exception of seasonality. A significant contribution to the slowdown of inflation has made the strengthening of the ruble on the background of higher than expected oil prices, the preservation of the interest of foreign investors in Russian assets and lower country premium for risk. As a result of high harvest in 2015-2016 stocks of agricultural products increased which led to a significant slowdown of food inflation and lower prices for fruits and vegetables, says the report of the Central Bank.

In this case the controller notes that households mostly continue to stick to saving behavior. While there have been signs of recovery in consumer spending, and wages grow in both nominal and real terms.

According to the estimates of the Bank of Russia, today the risk that inflation will not reach the target level of 4% by the end of 2017, slightly decreased. However, risks remain for the consolidation of inflation at the target level in the medium term. These risks are related to inertia in inflation expectations and the possible rapid decrease in the propensity to savings of households.

Read full article in Russian on DairyNews.ru
30.01.2024
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