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Bank of Russia admits temporary decrease in prices in August-September

The current price dynamics in Russia is higher than June base-case expectations, though it does not mean a revision of the inflation outlook for 2023

ST. PETERSBURG, July 7. /TASS/. Russia’s Central Bank admits a temporary decline in prices in the country in August-September of this year, the regulator’s Deputy Governor Alexey Zabotkin told reporters.

"A seasonal decline in the general price index often occurs in late summer or early autumn and it will probably occur this year as well," he said.

The current price dynamics in Russia is higher than June base-case expectations, though it does not mean a revision of the inflation outlook for 2023 of 4.5-6.5%, Governor of the Bank of Russia Elvira Nabiullina said earlier, adding that proinflation risks have risen since the previous meeting of the regulator’s board of directors.

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Central Bank of Russia

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