Russia: Inflation hits one-year high in August
In August, consumer prices were unchanged from the previous month, contrasting the 0.3% month-on-month rise recorded in July. According to Rosstat, lower prices for food products were balanced out by rising prices for services and non-food goods.
Inflation rose to 3.1% in August, from 2.5% in July. August’s result marked the highest inflation in one year. However, price pressures remain subdued in a historical context and inflation lies below the Central Bank’s target of 4.0%. Annual average inflation was unchanged at July’s 2.5%, the lowest level in the country’s modern history.