The Central Bank kept its inflation forecast at 7.4-7.9 percent 
The Central Bank (CB) estimated the inflation rate in October accelerated to 8.13 percent in annual terms. This is reported in the report on the dynamics of consumer prices published on the website of the Central Bank.
Despite the acceleration of inflation, the regulator kept its forecast for the rate of price growth by the end of 2021 at the level of 7.4-7.9 percent. The Central Bank expects inflation to return to the target in 2022 and amount to 4-4.5 percent. The regulator noted that food prices rose the most in the country due to a poor harvest and rising costs in the agricultural sector.
The Central Bank noted that inflationary pressure remains high. The rise in food prices will have a negative impact on inflationary expectations of the population. In early November, data on inflation were presented by Rosstat, the report of which the Central Bank relies on in its forecasts. According to the statistics service, food inflation in October accelerated to 10.89 percent compared to October 2020.
On November 2, the Central Bank predicted a further rise in food prices. The regulator expects that low harvest rates will affect food prices in the first half of 2022. To contain inflation, the Central Bank on October 22 sharply raised the key rate by 0.75 percentage points – up to 7.5 percent per annum.