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Russia’s annual inflation accelerates to 4.3% in July

Annual inflation on August 1-7 remained virtually unchanged at the level of the previous week and amounted to 4.43%

MOSCOW, August 9. /TASS/. Annual inflation in Russia accelerated to 4.3% in July against 3.3% a month earlier, according to the Ministry of Economic Development.

"In July 2023, inflation in the consumer market amounted to 0.63% in monthly terms, in annual terms - 4.3%," the statement said. Earlier, it was reported that the inflation rate in Russia was 3.3% in June.

Annual inflation on August 1-7 remained virtually unchanged at the level of the previous week and amounted to 4.43%. The figure was 4.42% as of July 31.

According to the updated forecast for the socio-economic development of Russia, Russia's GDP growth is expected to be 1.2% this year, and 2% in 2024. Inflation in Russia in 2023 is projected at 5.3%.

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