This estimate may not coincide with the official forecast of the Bank of Russia.
The Bank of Russia's Research and Forecasting Department predicted inflation above seven percent for 2023 in its bulletin, as consumer prices rose to 14.6 percent in September.
"In recent weeks, price growth has been on a high trajectory for 2021. If monthly price growth keeps close to it until the end of the year, inflation may exceed the current forecast of the Bank of Russia," the document says.
Central Bank analysts note that the estimate of annual inflation has already risen to 6.3%.
Meanwhile, the monetary policy measures introduced in recent months have begun to slow down inflation. We are talking about the growth of interest rates and term deposits of the population. However, it still takes some time for the demand dynamics to cool down in the country and for the savings of citizens to increase.
In August this year, Russians took consumer loans for a record 719 billion rubles.