This was stated by the chairman of the Bank of Russia, Elvira Nabiullina, who spoke in the State Duma.
“But the period in which the economy can live off reserves is over. And already in the second — at the beginning of the third quarter, we will enter a period of structural transformation, searching for new business models. As the Central Bank, we are well aware that this will be accompanied by an increase in the prices of some goods. “Therefore, inflation will be above the target. But it must be understood that such an excess of inflation over the target will be largely due not to high demand, but to constraints on the supply side of the commodity, with low supply, therefore we will not try in any way to return it in smaller amounts — it would make it impossible to adapt for companies that now find it more difficult and more expensive to restore the supply of essential imported components, and this inevitably affects the price of the end product, ”said Nabiullina.
«And we definitely have to go through this period of adaptation. But at the same time, inflation should not be uncontrolled, which will devalue people’s savings and incomes. Therefore, we will pursue a monetary policy that will bring inflation back to targets within a reasonable, predictable timeframe, but not too much. We expect will be returning to 4% by 2024, «said Interfax.
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