Food prices in Russia can remain high until next summer - research

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Average annual inflation in Russia will drop to 5.5-6% in 2022, the Russian Analytical Credit Rating Agency said in its macroeconomic review

MOSCOW, November 22. /TASS/. Food prices in Russia can remain high right until summer 2022 but inflation will be close to the seasonal standard figure as early as in spring-summer of the next year, the Russian Analytical Credit Rating Agency (ACRA) said in its macroeconomic review.

“It is quite probable that energy goods prices will drop in spring 2022 or earlier. Food prices at the same time can remain at a higher level right until summer of the next year. At the same time, we expect inflation in monthly terms will be close to the seasonal standard figure as early as in spring – summer of the next year,” ACRA said.

Average annual inflation in Russia will drop to 5.5-6% in 2022 and can reach the level of 4-4.5% and approach the target figure in the base case, ACRA noted.

“In this regard, the monetary policy of the Bank of Russia will be rather tough throughout the greater portion of 2022 but it can be quickly softened in the second half of the year,” the rating agency said.

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