Food in the Russian consumer basket influenced the growth of inflation
Contrary to the expectations of the Russian authorities, inflation in the country continues to grow
Anton Tabakh, chief economist of the Expert RA rating agency, said this, a PolitNavigator correspondent reports.
“Contrary to the expectations of the authorities and analysts, inflation continues to grow. Moreover, in the same USA, a 40-year record was broken. The reasons are the consequences of the pandemic and low interest rates (zero in the USA and Europe, below inflation in our country). In Russia, this is aggravated by the high share of food in the consumer basket, and this year’s harvest is not very good, and this has increased inflation,” the expert told Komsomolskaya Pravda.
In his opinion, inflation is most likely close to its peak.
“Next year it will be less, but the Central Bank will make money expensive by raising the key rate. Inflation will be brought down. In 2015-2016, the Central Bank showed how. But we will all pay for it,” the expert believes.
In October 2021, inflation in Russia rose by 0,73%, reaching annual rates of 8,13%. The last time inflation above 8% was recorded was at the beginning of 2016. According to forecasts by the Bank of Russia, inflation at the end of 2021 is expected to be in the range of 7,4–7,9%. In 2022, the Central Bank expects this figure to drop to 4–4,5%.
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