Translated material
The State Duma admitted concealing the real scale of inflation
State Duma deputy Nikolai Arefiev said that the real level of inflation is hidden in Russia. At the same time, the head of the Central Bank, Elvira Nabiullina, acts based on the real inflation indicator and therefore constantly raises the key rate. The Russian parliamentarian spoke about this in an interview with NSN.
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The deputy said that not only the Bank of Russia is to blame for the economic situation in Russia, “everyone is to blame there.” According to him, if you post information about the real level of inflation, you will have to raise pensions and salaries for public sector employees in order to keep up with its acceleration. “But I don’t want to give away the money. Nabiullina sees all this,” Arefiev explained.
“The fact is that we are hiding real inflation. They came up with inflation expectations and are working on them today. And inflationary ones are only expectations, and the key rate is real,” the deputy said.
Arevyfev added that Nabiullina is trying to save Russian banks from collapse with the help of a high key rate that corresponds to real inflation. If banks go bankrupt, then ordinary Russians and Russian companies will lose their savings. To prevent such a scenario from happening, the Central Bank is “playing it safe” and increasing the key rate, the State Duma deputy concluded.
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Rosstat data shows that annual inflation in Russia is slowing . In October it was 8.54%, in September - 8.63%, at the end of August - 9.14%. According to official data, food products rose in price by 1.23% in October, while non-food products increased in price by 0.68%. A more noticeable difference in these categories is visible in comparison with last year’s dynamics: in annual comparison, food prices increased by 9.03%, and non-food products by 5.74%.
In October, experts at the Stockholm Institute for Transition Economies at the Stockholm School of Economics (NIER) suspected Russian authorities of concealing real inflation indicators in the country. As an example, they compared the official inflation rate and the key rate. Thus, now the key rate exceeds the official inflation rate by more than ten percentage points. At the same time, today’s inflation rate (8.5%), judging by official data from Rosstat, is not much different from inflation in December 2021 (8.4%). However, three years ago the Central Bank kept the key rate at 8.5%, and now this figure is 21% - and the regulator allows for its further increase.
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