MOSCOW, July 15. /TASS/. A gradual decline in sustained inflationary pressure was observed in Russia during May and June, according to a bulletin prepared by the Research and Forecasting Department of the Bank of Russia.

"Overall, there has been a gradual easing of sustained inflationary pressure in May-June. Analytical indicators of pressure mostly declined and approached the inflation target. During this period, the monthly growth of consumer prices slowed, reaching a pace close to 4% when annualized. A significant portion of the price growth deceleration is attributed to the cooling of aggregate demand under the influence of tight monetary policy, which is being transmitted into prices," the bulletin said.

At the same time, the regulator’s analysts note that the current price dynamics, including stable components, still reflect a dampening effect from the pass-through of ruble appreciation. "This effect will dissipate once the exchange rate stabilizes," the analysts emphasized.

The conclusions and recommendations presented in the bulletin may not reflect the official position of the Bank of Russia.