Analysts polled by Russian central bank forecast 7.3% year-end inflation

MOSCOW (Reuters) – Analysts polled by Russia’s central bank expect year-end inflation at 7.3%, the bank said on Wednesday, well above the 4% target and just shy of the 7.4% reading for 2023.

Soaring inflation has forced the central bank, which will hold a rate-setting meeting on Sept. 13, to hike its key interest rate to 18%.

The analysts forecast the average key rate for September-December at 19%, the bank said, suggesting another hike will come before the year is out.