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Consumer price growth slows down in March

15 April 2024

In March, the current inflation rate (seasonally adjusted) was considerably lower than in autumn but still above 4% in annualised terms. The deceleration was associated mainly with volatile prices for passenger transport services and foreign travel. Annual inflation remained nearly the same, namely 7.7%.

Although the increase in prices slowed down compared to the autumn months, they are still rising fast across a wide range of goods and services. The major proinflationary factor is high domestic demand. Its level still exceeds companies’ capacities to ramp up output.

The Bank of Russia forecasts that, given the current monetary policy stance, annual inflation will lower to 4.0–4.5% in 2024 and stay close to 4% further on.

More details are available in the new issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.

Preview photo: WeStudio / Shutterstock / Fotodom
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