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Consumer basket keeps getting cheaper in July

12 августа 2022 года

Compared to June, consumer prices decreased on average due to a continuing shrinkage in demand after the March spike, the deferred effects of a stronger ruble, and an increase in fruit and vegetables supply which was unusually high for this month.

The prices of most consumer basket components grew approximately at the same rate as in June, driven by a gradual pass-through of increased costs to prices.

Annual inflation slowed down for the third consecutive month to 15.1%. The current monetary policy stance will pave the way for inflation to go down to 5–7% in 2023 and 4% in 2024.

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

Preview photo: ESB Professional / Shutterstock / Fotodom