Price growth remains high in July due to one-off factors
Motor fuel became notably more expensive.
Prices for non-food goods, excluding motor fuel, rose moderately on average, while services price growth slowed down, although remaining elevated. Due to labour market tightness, prices for personal and medical services continued to grow rapidly. Food price dynamics were still uneven. Prices for meat products and sugar were up, while those for dairy products, cheese, and butter continued to go down.
July statistics captured the second-round effects stemming from the situation in the fuel market. This led to an increase in measures of underlying inflation in July.
The Bank of Russia will continue to pursue monetary policy to achieve sustainably low inflation. More details are available in the new issue of the information and analytical commentary Inflation in Russia.