Nabiullina: inflation will continue to decline and return to normal by the end of the year

Inflation in Russia will continue to decline, and it is expected to reach normal levels by the end of the year. This was announced on April 3 by the Chairman of the Central Bank (CB) Elvira Nabiullina at a joint meeting of the State Duma committees.

She stressed that the overall inflation rate in the country will exceed 4% this year. Nabiullina also said that over the past year, the Central Bank's key rate level effectively resisted significant inflationary pressure, which reached its peak in the fall. As a result, the rate was raised to 21%.

"In the coming months, inflation will continue to decline and by the end of the year, according to our estimates, it will return to normal," said the chairman of the Central Bank.

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In March, the record rate of 21% was maintained, but the Bank of Russia has already cautiously noted positive developments.

Alexey Zabotkin, Deputy Chairman of the Central Bank of Russia, said on April 2 during a speech in the State Duma that inflation in the first quarter of 2025 was lower than forecasts made in February. He also stressed that a reduction in the key interest rate will be possible only after inflation shows a stable downward trend.