Consumer prices continue to rise fast
16 September 2024
News
Seasonally adjusted prices were growing more slowly in August than in July, when inflation was noticeably pushed up by the indexation of utility rates. However, numerous measures of underlying inflation rose month-on-month. Annual inflation remained almost unchanged at 9.1%.
High inflation is driven by strong domestic demand, which grows faster than the output of goods and services. Further monetary tightening is needed to make inflation slow down again.
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.
Preview photo: Vladimir Smirnov / TASS