The economy experienced moderate growth between February and March, with varying industry dynamics. Retail lending stagnated, but the consumer sector developed rapidly due to increasing household incomes.
In March, household and business inflation expectations declined. Although seasonally adjusted consumer price growth slowed, it remained elevated. A prolonged period of strict monetary policy is necessary to achieve the 4% inflation target.
The details are discussed in the Bank of Russia’s bulletin, Talking Trends.
Photo Credit: Vladimir Smirnov / TASS
