Central Bank expects inflation to accelerate in Russia in the coming months – Kommersant


The Bank of Russia continues to expect inflation to pick up in Russia in the coming months. The indicator will rise as price pressure builds and the low values ​​of summer-autumn 2022 are taken out of the calculation. This is stated in the commentary of the Central Bank “Dynamics of consumer prices” (pdf).

Annual inflation in June reached 3.25%, which is 0.74 percentage points more than in May, the Central Bank said in a comment. Annual price growth accelerated in the categories of non-food products and foodstuffs, the cost of services remained virtually unchanged.

Consumer prices rose by 0.37% in June against 0.31% in May. Seasonally adjusted, the increase in prices increased to 0.52% against 0.39% in May. Goods and services with volatile price dynamics accounted for most of the price increases.

According to the baseline scenario of the Central Bank of April 2023, in 2023 inflation will be 4.5–6.5%, by 2024 it will return to the target of 4%, and will remain at the same level in subsequent years.

According to the Ministry of Economy, in the week from July 4 to July 10, annual inflation accelerated to 3.59% against 3.43% a week earlier. According to Rosstat, annual inflation accelerated to 3.25% in June from 2.51% in May. Since the beginning of the month, the increase in prices by July 10 amounted to 0.20%, from the beginning of 2023 – 2.97%.

Olesya Pavlenko

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