Annual inflation in Russia reached 6.68%

Annual inflation in Russia reached 6.68% by August 23 against the target level of the Central Bank of 4%, follows from the materials of the Ministry of Economic Development.

“In the consumer market, according to weekly data from Rosstat, for the week from August 17 to 23, inflation amounted to 0.1% (deflation by -0.01% a week earlier), since the beginning of the month, prices have increased by 0.07% (in 2020. : from 18 to 24 August, a decrease of -0.04%). In annual terms, inflation amounted to 6.68% y / y as of 23 August, ”the ministry’s document says.

Over the week, prices for food products increased by 0.06% as a whole against a decrease of 0.2% in the previous period. The only exception was fruit and vegetable products, which fell by 1.7%. Non-food products rose in price by 0.2%. The Ministry of Economic Development clarified that the greatest pressure on price dynamics in this category continues to be exerted by the increase in the value of items with a high import component – cars, electrical and household goods. At the same time, tourist and regulated services almost did not rise in price. Their prices rose by only 0.03% against 0.1% last week.

Earlier today, Rosstat recorded weekly inflation for the first time after the week of July 6-12. Either deflation or zero inflation had been observed in the five weeks prior.

Annual inflation in July was 6.46% after 6.5% in June. On August 18, the Central Bank announced that the rise in food prices in July slowed down in most Russian regions, and this was mainly due to a decrease in the rate of rise in prices for vegetables and fruits.

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