Nabiullina named the price of inflation for Russians

Every percentage point of inflation costs Russians about 600 billion rubles. About this at the plenary session State Duma to illustrate the consequences of rising prices, the head of the Central Bank stated Elvira Nabiullinatransmits RIA News.

Such figures are calculated from the fact that today the balances in ruble accounts, citizen deposits and cash in circulation in total are slightly less than 60 trillion rubles. These funds are burned proportionally with inflation, she explained.

The head of the regulator called the increase in the key rate partial compensation to citizens for rising prices, because the concomitant increase in rates on deposits increases their volume.

The central bank’s baseline forecast assumes inflation will return to its target of 4 percent next year. Based on the results of 2023, the regulator awaits price growth in the range of 7-7.5 percent, and according to the latest data we are talking about the upper limit.

The current situation, when inflation has exceeded 7 percent, cannot be called harmless, Nabiullina emphasized. Therefore, she explained, it is too early to talk about reducing the rate.

Previously Chairman of the Central Bank explainedthat the main problem of the Russian economy remains the shortage of labor and, as a consequence, limited domestic production. It was this circumstance that became decisive in the depreciation of the ruble and the acceleration of inflation.

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