Consumer prices continue to soar
16 July 2024
News
In June, the current inflation rate (seasonally adjusted) edged down, while staying higher than in 2024 Q1. Annual inflation sped up to 8.6%. After a spike in May, the growth of prices for tourism and transport services slowed, whereas fruit and vegetable prices started to increase faster.
Inflation was mostly fuelled by high domestic demand as it had been persistently surpassing the capacities to ramp up output. For inflation to decline steadily, tight monetary conditions should be maintained in the economy for a long period.
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.
Preview photo: Mikhail Tereshchenko / TASS