Russia Inflation July 2017


Russia: Inflation decelerates in July to lowest level in over five years

August 4, 2017

In July, consumer prices rose 0.1% from the previous month, easing from June’s 0.6% increase. According to the Federal State Statistics Service (Rosstat), the result was largely due to lower prices for fresh fruit and vegetables and weaker price pressures on other components.

Inflation came in at 3.9% in July, below both June’s 4.4% print and market expectations of 4.4% inflation. The print is the lowest since May 2012 and inflation is now below the Central Bank of the Russian Federation’s target rate of 4.0%. A stabilization in the ruble has helped support easing price pressures and annual average inflation declined from 5.4% in June to 5.1% in July, the lowest reading in over four years.

Panelists see inflation ending 2017 at 4.0%, which is unchanged from last month’s forecast. For 2018, participants expect inflation to end the year at 4.1%.

Author:, Economist

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Russia Inflation Chart

Russia Inflation July 2017

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Federal State Statistics Service (Rosstat).

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