Russia’s central bank plans to raise the inflation forecast significantly for 2024 following the meeting of the regulator’s board of directors in July and does not rule out increasing the outlook for the trajectory of the key rate, with 100-200 bps being considered. In April, The CBR forecasted inflation of 4.3%-4.8% for 2024. At that time, the CBR expected annual inflation to return to the target of 4% per annum in 2025 and remain close to this figure going forward.