Talking trends: economic activity stabilises in May–June
The Russian economy stabilised in May—June, while situation in individual industries continued to diverge widely. The adjustment to new conditions is ongoing, and the risks of a weakening in economic activity are still high.
The drop in consumer prices in June came as a result of one-off factors that were a stronger ruble and an off-season decline in prices for fruit and vegetables. Adjusted for these factors, price growth remained at an increased level relative to the Bank of Russia target. The monetary policy stance will help bring inflation back to 4% in 2024.
More details are presented in Talking Trends, a Bank of Russia bulletin.