Consumer price growth remains high
14 August 2024
News
In July, seasonally adjusted current inflation was higher than in June, which was mainly due to the higher-than-usual indexation of utility tariffs. The growth in prices for petroleum products also sped up, while fruit and vegetable prices were decreasing at a much slower pace than is typical of July. Annual inflation rose to 9.1%.
Overall, high inflation is driven by strong demand, which has been so far outstripping the capacity to ramp up production. Thus, additional monetary tightening is required for inflation to start decelerating again.
More details are available in the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.
Preview photo: Puttachat Kumkrong / Shutterstock / Fotodom