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Russia’s annual inflation remained at 4.43% on August 1-7

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

MOSCOW, 9 August. /TASS/. Annual inflation in Russia stayed practically unchanged from the previous week, at 4.43% from August 1 to 7, according to the Russian Ministry of Economic Development.

It was previously reported, inflation on July 31 was 4.42%.

"Prices remained virtually unchanged from August 1 to August 7, 2023. Inflation was 4.43% year-on-year. Prices in the food segment fell as a result of cheaper prices for fruits and vegetables. Price growth rate in the non-food sector slowed down, while price growth rate for cars slowed down, as well as for electrical and household equipment," the statement said.

The Ministry also noted that annual inflation in Russia accelerated to 4.3% in July against 3.3% a month earlier. "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.

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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