Russia Inflation July 2019


Russia: Inflation ticks down to a fresh year-to-date low in July

August 7, 2019

In July, consumer prices rose 0.2% from the previous month, compared to June’s flat reading. According to Rosstat, the result reflected higher prices for services and non-food items, which more than offset lower food prices.

Inflation ticked down to 4.6% in July, from 4.7% in June, the lowest reading since December 2018. Notably, this marked the fourth consecutive month of moderating inflation which could pave the way for a monetary policy rate cut by the Central Bank on 6 September, provided that the disinflation trend holds up in August.

Meanwhile, annual average inflation continued trending upwards, ticking up to a 22-month high of 4.4% in July, from 4.3% in June.

FocusEconomics panelists see inflation ending 2019 at 4.3%, which is down 0.1 percentage points from last month’s forecast. For 2020, participants expect inflation to end the year at 3.9%.

Author:, Economist

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