"Annual inflation will total 11.0-13.0% in 2022 and, given the monetary policy stance, drop to 5.0–7.0% in 2023, returning to 4% in 2024," the central bank said in a statement.
The decline in Russia's GDP in 2022 may be closer to 4%, the dynamics of business activity is better than July expectations, the Bank of Russia said.
In July, the central bank of improved its forecast for a decline in Russia's GDP in 2022 to 4-6% from 8-10%.