Elvira Nabiullinas official comments ...... This suggests that overheating in the economy has remained considerable. Labour force and production capacity reserves have been almost exhausted. Shortages of these resources might cause a situation where the economic growth will be slowing down despite any attempts to boost demand. Moreover, this boost will only further accelerate inflation. This is actually a scenario of stagflation that could only be stopped by way of a deep recession. Today’s additional tightening of our policy will help prevent such a scenario. https://www.cbr.ru/eng/press/event/?id=18870
