There are factors that are with us for the long poland telegram data term. This includes the situation on the labor market, low unemployment. I think that this factor will determine the supply capabilities, how quickly supply can adjust to demand.
we have a stimulating budget policy, but it is assumed that the budget impulse, for example, in 2024 will be less than in 2023.
Consumer demand is indeed high
but it is directly affected by our monetary policy, the key rate. Our decisions are reflected in the economy with some lag. Because it is a long chain: the key rate is raised, after that market rates on deposits and loans are raised. This affects the volume of deposits, loans, changes in people’s behavior – whether they will spend, save, and so on. And tell stories and only after that does it affect prices. We estimate these lags at three to six quarters.
– Still three to six, not getting longer?
— As before. We are not extending these lags, but, of course, some decisions can be made and implemented more quickly, or more slowly. It also depends on other factors. On inflation expectations, the dynamics of the exchange rate, many things influence. Therefore, in general, we proceed from the fact that the decisions on america email the key rate work, and we see that they work. They work with lags. We will evaluate how the effects of the decisions we have already made are realized in the economy.