Nabiullina warned of the short-term impact of the VAT revision on inflation.

Nabiullina warned of the short-term impact of the VAT revision on inflation.

      This was stated by Bank of Russia Governor Elvira Nabiullina at the XXII International Banking Forum, RIA Novosti reports.

      "It should be taken into account that even if such an effect occurs, it is temporary and one-off; it may to some extent affect the pace of the decline in inflation expectations," Nabiullina explained.

      According to her, this is a short-term impact that will not change the regulator's long-term goals of keeping inflation close to the target level.

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Nabiullina warned of the short-term impact of the VAT revision on inflation.

A revision of the value-added tax (VAT) could temporarily affect the dynamics of inflation expectations in Russia.