Annual inflation accelerated to 4.3% in July
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Annual inflation in July was 4.3% after 3.25% in June, informed Rosstat. On a monthly basis, prices rose by 0.63%.
As noted by the statistical agency, the rise in prices for food products is largely due to the increase in prices for fruits and vegetables (by 1.77% after falling by 2.35% in June). So, cabbage rose in price by 12.5%, oranges – by 22.6%, apples – by 9.5%, lemons – by 7.9%, pears – by 3.3%, and bananas – by 2.3% . At the same time, cucumbers fell in price by 16.9%, onions – by 17.4%, and carrots – by 4.7%.
Among other food products, an increase in prices was recorded for sugar (4.4%), chicken legs (2.4%), pork and fish (2%). At the same time, sunflower meat fell in price by 1.7%, buckwheat – by 1.4%, and peas and beans – by 1.3%.
In the group of non-food products, the price increase averaged 0.91% after 0.42% a month earlier. According to the Ministry of Economy, seasonally adjusted prices rose by 0.81% against 0.49% a month earlier. According to Rosstat, TV sets (4.9%), metal tiles (4.8%) and cement (3.3%) have risen the most. Related to life-saving and essential medicines grew by an average of 0.8%, suprastin (3.9%) and aspirin (2.8%) rose the most. Gasoline rose in price by 2.2%, and diesel – by 0.8%.
Growth in prices for services slowed down from 0.83% to 0.48% on average (seasonally adjusted from 0.52% to 0.32%). The rise in prices for tourism-related services has slowed down. Air tickets have risen in price by 3.2%, and taxi rides – by 3.8%.
In the week from August 1 to August 7, prices rose by 0.01%, in annual terms, the growth was 4.43%.
On July 1, the Board of Directors of the Central Bank decided to raise the key rate by 1 percentage point at once, to 8.5%. This is the first increase since September 2022, when the Central Bank lowered the rate by 0.5 percentage points to 7.5%. The chairman of the Central Bank, Elvira Nabiullina, explained the increase in the rate by the desire to return inflation to the level of 4%. At the same time, she allowed a further increase in the rate.
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