Inflation in Russia rose to 4.3% in annual terms in July – Kommersant

According to the results of July, annual inflation in Russia increased to 4.3%, which is 1.05 percentage points more than the results of June, it is said in report Central Bank “Dynamics of consumer prices”.

The current rise in prices is connected, among other things, with “the pass-through of the weakening of the ruble into prices”, the annual one is also associated with the “continuing effect of a low calculation base”.

According to the Central Bank, consumer prices in Russia increased by 0.63% in July against 0.37% in June, seasonally adjusted – 0.96% after 0.45% in June. Prices rose due to goods and services with frequent price fluctuations.

According to the forecast of the Central Bank, annual inflation will continue to rise in the coming months. The regulator expects inflation to reach 5–6.5% in 2023 and 4% in 2024.

In August, the fall of the Russian currency accelerated, it amounted to about 7%, which is more than in the whole of July. On August 11, Deputy Chairman of the Bank of Russia Alexei Zabotkin said that the regulator sees no risks to the country’s financial stability. On August 14, the dollar exchange rate on the Moscow Exchange rose above 101 rubles. for the first time since March 2022. Against this background, the Central Bank convened an extraordinary meeting of the board of directors on the issue of the key rate. At the same time, the regulator once again declaredthat there is no threat to financial stability due to the depreciation of the ruble.

About the situation with the ruble – in the material “Kommersant FM” “The ruble is accelerating the fall”.

Olesya Pavlenko