Decisions, which were announc after the meeting france telegram data on the rate on September 15. Here I want to emphasize that we take into account the contribution of tariff growth to overall inflation, and we conduct monetary policy so that the overall consumer price index converges to 4%. Accordingly, we ne to think about tariffs in such a way that this can affect the rate trajectory, but will not change our goal – returning inflation to 4% next year.
— So you will take higher tariffs into account in the October decision?
— In the forecast and in the decision that will be bas on this forecast.
— When do you think annual inflation will reach its maximum level?
— The stable components of annual inflation will probably start to slow down by mid-2024. It is necessary to take into account that there frequently ask questions was no tariff increase in July of this year, it was implement ahead of schule in December 2022. Next year, tariffs will be increas as usual — in July.
Accordingly, from the point of view of annual
Comparison, this will mean that in July 2024, the annual inflation indicator may grow even more precisely because of the contribution of tariffs. When alb directory this tariff effect goes away, after July of next year, annual inflation will already be moving towards 4%.
