In April, consumer price growth increased following a significant slowdown in March, though it remained well below the peaks seen in autumn 2023. Annual inflation rose to 7.8%.
Price growth rates were high across a broad range of goods and services. The decrease in inflation has not yet stabilized. A major factor contributing to inflation was high domestic demand, which continued to exceed companies' capacities to expand output.
According to the Bank of Russia's forecast, with the current monetary policy stance, annual inflation is expected to decline to between 4.3% and 4.8% in 2024 and remain close to 4% thereafter.
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.