MOSCOW, September 18. /TASS/. Annual inflation in Russia will continue growing in coming months, which is related to the rising price pressure, the Central Bank said.
"According to projections by the Bank of Russia, annual inflation will continue growing in coming months. This will be connected with the rising price pressure. Substantial proinflation risks have carried into effect: growth of home demand outpacing the output expansion potential and the ruble’s weakening. Amid this background a key rate hike was required for limiting the scale of inflation deviation upwards from its target and returning it to 4% in 2024," the regulator explained.
Consumer prices in Russia added 0.28% in August (0.63% in July), while seasonally adjusted monthly growth of prices slowed down, though remaining high (0.75% in August, 0.96% in July). The average monthly growth of prices in June-August was 0.72%, which equals 9% in annual terms.