Annual inflation in Russia accelerated to 3.43%

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Annual inflation in Russia in the week from June 27 to July 3 accelerated again, reaching 3.43% after 3.21% and 2.96% in the past two weeks. How informs Ministry of Economic Development, in weekly terms, price growth slowed to 0.13% after 0.16% a week earlier.

Since the beginning of the year, according to Rosstat, prices have increased by 2.9%.

In the food segment, prices increased by 0.16% for the second week in a row. Prior to this, for two months, goods in this category became cheaper. Fruit and vegetable prices rose by 0.47% after 0.31% a week earlier. According to Rosstat, potatoes rose in price by 3.23%, carrots – by 2.85%, and cabbage – by 2%. At the same time, tomatoes and cucumbers fell in price by 0.57% and 1.22%, respectively. The rise in prices for meat products slowed down, while bakery products and dairy products fell in price.

Growth in prices for services also remained at the level of last week, amounting to 0.18%. Air tickets for domestic flights increased in price by 0.96% after 1.36%, but the services of sanatoriums compensated for this slowdown, having risen in price by 1.37%.

Rise in prices for non-food products slowed down to 0.12% after 0.19% a week earlier, in particular, building materials rose in price by 0.52% after 0.84%, and cars – by 0.06% after 0.11% and 0.13 % two weeks earlier.

The Board of Directors of the Central Bank at a meeting on June 9 for the sixth time in a row since September 2022 left the key rate at 7.5% per annum. But the regulator’s hawkish signal, as Vedomosti wrote, has become tougher: the Central Bank “allows” the rate increase at the next meetings. Later, on June 28, the deputy chairman of the regulator Alexei Zabotkin allowed the rate increase.

According to the regulator’s forecast, in the second quarter inflation will be at the level of 3.6%, and by the end of the year it may reach 4.5-6.5%. In 2024, inflation will reach a plateau. The target of the Central Bank for inflation is 4%. The next meeting of the Central Bank on the key rate will be held on July 21.

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