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CBR still expects RF inflation back to 4% target by end of 2022

The Bank of Russia still expects to bring annual inflation in the country to the target which is stated as «about 4%» by the end of 2022, said Elvira Nabiullina, head of the regulator.

«We intend to operate under a policy that will enable bringing inflation to the target of 4%. We expect this to happen by the end of next year », - said Nabiullina, speaking at «Russia Calling!» forum.

According to Rosstat, inflation in Russia in October accelerated to 8,13% YoY from 7,4% the month before. As of November 22 it slowed down to 8,05%.

According to a forecast by the Bank of Russia, 2021 annual inflation is expected to be in the range of 7,4-7,9%, the current monetary policy will help reduce it down to 4-4,5% in 2022 and keep it around the level of 4% further on.