Central bank expects annual inflation to accelerate soon

MOSCOW, Jul 14 (PRIME) – Russia’s annual inflation will continue to accelerate from June's 3.25% in the next few months, the central bank said on Friday.

"In May–September 2023, last year's very low price rise, when there was a correction after a price jump of the 2022 spring, dropped from the annual inflation calculation base,” the statement read.

“As a consequence, the annual inflation indicator will continue to increase in the next few months. Speeding up of the current price growth will provide an additional effect."

Annual inflation, excluding fruit and vegetables, oil products, public utilities, tourism and transport rose by 0.60 percentage point to 1.18% in June, base inflation by 0.32 percentage point to 2.44%, trend inflation decreased to 6.57% from May's 6.68%.

June’s stable inflation indicators mainly grew with some of them being significantly above 4% annually.

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