Inflation in Russia slowed to 0.01% in the first week of August – Kommersant

Inflation for the week from 1 to 7 August slowed to 0.01% from 0.13% a week earlier. Since the beginning of the year, consumer prices in Russia have grown by 3.42%, according to Rosstat data. According to the estimates of the Ministry of Economy, inflation in Russia in annual terms accelerated to 4.43% by August 7 from 4.42% a week earlier.

In the category of food products, prices increased for pork (by 1.3%), chicken meat (1.2%), granulated sugar (0.6%), rice and millet (0.5%), chicken eggs (0. 3%), beef, lamb and frozen fish (0.2%), sunflower oil, canned meat and dry milk formulas for baby food, bread and bakery products from wheat flour of various varieties (0.1%).

Prices for fruits and vegetables decreased by 1.9% on average. Potatoes fell in price by 7.2%, white cabbage – by 5.6%, onions – by 5.2%, carrots – by 4.2%, beets – by 3.2%, tomatoes – by 2.9%, cucumbers – by 0.9%. The cost of apples increased by 1.8%, bananas – by 0.8%.

Among non-food staples, prices for baby diapers rose by 0.4%, laundry detergents, toilet paper and dry pet food by 0.2%, and sanitary pads and laundry soap by 0.1%.

The Central Bank forecasts inflation at the level of 5-6.5% for the year. To return it to the target 4%, the Central Bank does not rule out raising the key rate. In July, the rate was raised from 7.5% to 8.5% per annum after a long pause.

Read more about inflation risks in Kommersant’s article “Eight and an Unscheduled Half”.

Olesya Pavlenko