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Annual inflation in Russia accelerated to 4.3% in July

According to Rosstat, in June it was 3.25%

MOSCOW, August 9. /TASS/. Annual inflation in Russia in July 2023 accelerated to 4.3% from 3.25% in June. Consumer prices rose by 0.63% on a monthly basis, according to the Russian State Statistics Service (Rosstat).

Food products in July rose in price by 0.49% compared to June and by 2.23% in annual terms. Non-food products rose in price by 0.91% on a monthly basis and by 2.36% compared to June 2022. The cost of services increased by 0.48% compared to June and by 9.95% in annual terms.

At the same time, inflation in Russia for the period from August 1 to August 7, 2023, amounted to 0.01%, Rosstat said. At the same time, a week earlier - from July 25 to July 31 - inflation in Russia reached 0.13%. Since the beginning of August, consumer prices in the country have increased by 0.01%, since the beginning of the year - by 3.42%.

According to the Russian Ministry of Economic Development, annual inflation in Russia stayed practically unchanged from the previous week, at 4.43% from August 1 to 7. 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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