Russia: Inflation falls to lowest level in eight months
August 5, 2013
In July, consumer prices rose 0.8% over the previous month, which was above the 0.4% increase recorded in June and marked the highest increase in six months. The acceleration stemmed mainly from higher prices for services. Despite the monthly increase, annual headline inflation fell from 6.9% in June to 6.5% in July, the lowest level in eight months.
The core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 0.3% in July, which was in line with the result recorded in June. Annual core inflation eased from 5.8% in June to 5.6% in July.
FocusEconomics Consensus Forecast panellists see inflation ending 2013 at 6.0%, which is unchanged from last month's forecast. In 2014, participants expect inflation to moderate to 5.8%.
Author: Armando Ciccarelli, Head of Data Solutions