Weekly deflation in Russia accelerated to 0.14%

Deflation for the week from July 23 to August 1 accelerated to 0.14%, follows from Rosstat. A week earlier she amounted to 0.8%.

“For the period from July 23 to August 1, 2022, the consumer price index, according to Rosstat, amounted to 99.86%,” the department’s materials say.

Since January of this year, consumer prices have risen by 11.6%.

In the food segment, prices for chicken eggs (by 1.1%), table salt (0.9%), buckwheat (0.8%), sausage and sunflower oil (0.3%) decreased over the week. At the same time, prices for canned meat for baby food (by 0.7%), lamb (0.5%), chocolates (0.4%), etc. increased.

Of the medicines, rengalin fell the most (by 0.6%), domestic analgin (0.3%) and ergoferon (0.2%). In the category of non-food essentials, toothpastes (by 0.6%), matches (0.4%) and diapers (0.3%) went up in price. In the consumer goods segment, prices for edged boards and TV sets rose by 1.1% and 1%, respectively, while prices for gasoline and diesel remained at the same level. The cost of economy class tickets increased by 2.6%, travel by trolleybus went up by 1%, by tram – by 0.6%.

The Board of Directors of the Bank of Russia at a meeting on July 22 unexpectedly lowered the key rate by 150 basis points at once to 8% per annum. The Central Bank explained this decision by saying that the current growth rates of consumer prices remain 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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