Nabiullina reported on the creation of conditions for inflation of 4% with the help of rigid PREP

Tight monetary policy creates conditions for reducing inflation to 4%. This was announced on January 13 by the head of the Central Bank of Russia, Elvira Nabiullina.

"The increased monetary policy rigidity creates the necessary conditions for inflation to return to the target level of 4%," she said at a press conference following a meeting of the regulator's board of directors.

Earlier, Nabiullina noted that reducing inflation without slowing inflation expectations could reduce the space for mitigation of PREP. The head of the Central Bank expressed confidence that if inflation remains at the target level for a long time, expectations will inevitably begin to decline, albeit more slowly than in previous years.

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On February 13, the Central Bank of the Russian Federation lowered its key rate to 15.5% per annum. According to the regulator, the Russian economy continues to return to a balanced growth trajectory. Thus, the acceleration of price growth in January was due to one-time factors, and after their exhaustion, inflation will begin to decline again.

Prior to that, on February 11, it was reported that annual inflation in Russia in the period from February 3 to February 9 slowed to 6.37% from 6.45% recorded a week earlier. It was noted that in the segment of food products, price growth slowed to 0.24% n/a, including for fruit and vegetable products.

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