Russia Inflation August 2019

Russia: Inflation falls to a fresh year-to-date low in August

In August, consumer prices fell 0.2% over the previous month, contrasting July’s 0.2% month-on-month increase. Notably, August’s reading marked the first drop in monthly prices in nearly two years. According to Rosstat, the result reflected lower prices for food products, chiefly thanks to lower fruit and vegetable prices, which more than offset higher prices for non-food items, services and non-food items.

Inflation fell to a nine-month low of 4.3% in August, from 4.6% in July. August’s result marked the fifth consecutive month of moderating inflation, paving the way for the Central Bank to cut the policy rate by 25 basis points on 6 September. That said, annual average inflation continuing trending up rising to a 23-month high of 4.5% in August, from 4.4% in July.

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