Rosstat records deflation for the second month in a row
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Deflation in Russia in July accelerated to 0.39%, should from Rosstat data.
A month earlier, Rosstat recorded a price decrease of 0.35%. Compared to July 2021, inflation was 15.1%. In 30 regions of Russia, prices decreased by 0.5%, in ten regions, on the contrary, they increased by 0.1-0.9%. In Moscow, prices for the month decreased by 0.4%, in St. Petersburg – by 0.8%.
The greatest impact on the dynamics of prices had a reduction in price by 11.53% of fruits and vegetables. Cabbage fell in price by 33.2%, potatoes – by 27.6%, beets – by 27.1%, grapes – by 15.7%.
In the segment of non-food products, refrigerators (by 6.3%), cameras (5.6%) and mixers (4.8%) fell the most. In the group of building materials, prices for metal tiles (5.1%), boards (3.5%) and laminate (2.1%) decreased more than others. Medicines from the group of vital medicines fell on average by 0.4%, prices for gasoline remained practically unchanged, for diesel – increased by 0.1%, for gas motor fuel – decreased by 5%.
The Board of Directors of the Bank of Russia at a meeting on July 22 lowered the key rate immediately by 150 basis points to 8% per annum. The Central Bank explained this decision by saying that the current growth rate of consumer prices remains low, contributing to a further slowdown in annual inflation, which is due both to the influence of a set of one-off factors and to the restrained dynamics of consumer demand.
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