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Russia’s annual inflation reaches 4.4% in July — Economic Development Ministry

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

MOSCOW, August 2. /TASS/. Annual inflation in Russia accelerated to 3.3% in June 2023 from 2.5% May, while the annual inflation rate in July was 4.4%, according to the Russian Economic Development Ministry.

"In June, inflation was 3.3% (in May - 2.5%). As of July 31, 2023, year-on-year inflation was 4.4% (as of July 24 - 4.2%)," the minister said.

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