Zabotkin noted significant progress in the fight against inflation

The Central Bank of Russia has noted significant progress in reducing inflation in the Russian Federation, but the steady pace of price growth remains above 4% in annual terms. This was announced on September 2 by Alexey Zabotkin, Deputy Chairman of the Bank of Russia, at a press conference.

"Our target in numbers is annual inflation near 4%. At the same time, we consider it possible to reduce, but certainly not increase, the target level in the future," Zabotkin said.

According to the deputy chairman of the Central Bank, annual inflation is expected to decrease to 6.0–7.0% this year, return to 4.0% in 2026 and remain on target in the future. At the same time, he assured that the Bank of Russia has no plans to raise the target inflation rate.

Zabotkin also noted that a premature and excessive reduction in the Central Bank's rate would not only not save budget funds, but would also result in additional costs in the future.

Key rate 2025: forecast in September, expert opinion

Economists expect that at the Central Bank meeting on September 12, the decline in an important indicator will continue.

Earlier in the day, the Central Bank of Russia predicted a range of key interest rates in 2026 at the level of 10.5–11.5% in the case of a disinflationary scenario of economic development. In the baseline scenario, it is expected that with a gradual decrease in inflationary pressure, the average key rate in 2026 will be in the range of 12-13%, and in 2027 and 2028 it will reach 7.5–8.5%.

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