“Since the July meeting of the Central Bank, monetary conditions have been tightening (in particular, the availability of loans. — Kommersant), and this will probably continue in August,” says Dmitry Polevoy, noting, however, that tightening of the Central Bank’s policy is a necessary but not sufficient condition for slowing inflation, since it is important to influence both demand and supply, and the latter is practically unavailable to the regulator. Neutral inflation figures and rising inflation expectations increase the likelihood of a further rate increase, although the Central Bank may also take into account the ongoing tightening of monetary conditions, says the economist. He, however, notes that it is impossible to state unequivocally that the rate increase in September is predetermined.