Inflation in Russia
Russia - Inflation
Inflation falls to lowest level since February in July
Consumer prices fell 0.39% in July over the previous month, following the 0.35% fall recorded in June. July's result marked the weakest reading since August 2017. Looking at the details of the release, prices for both food products and non-food products fell at a less pronounced rate. Meanwhile, services price growth moderated.
Inflation fell to 15.1% in July, following June’s 15.9%. July's result represented the weakest inflation rate since February. Meanwhile, the trend pointed up, with annual average inflation coming in at 11.7% in July (June: 11.0%). Lastly, core inflation fell to 18.4% in July, from the previous month's 19.2%.
Commenting on inflationary and monetary policy outlook, analysts at Goldman Sachs said:
“Based on the weekly prints, […] we estimate inflation fell further […] to +14.2% [in August]. Prices continue to normalise after the initial shock, and we believe that there is more room for them to fall in the short term. […] Disinflation continues to be supported by the past strengthening of the RUB […] We continue to think the current levels of the RUB are unsustainable from a budget perspective and […] a depreciating RUB may cause a renewed pickup in inflation once FX purchases are restarted.”
Commenting on the
FocusEconomics panelists see inflation averaging 16.0% in 2022, which is down 1.0 percentage points from last month’s estimate, and 9.0% in 2023.
Russia - Inflation Data
|Inflation Rate (CPI, annual variation in %)||15.5||7.1||3.7||2.9||4.5|
5 years of economic forecasts for more than 30 economic indicators.
Russia Inflation Chart
Source: Russian Federal State Statistics Service (Rosstat) and FocusEconomics calculations.
|Bond Yield||6.23||0.13 %||Dec 30|
|Exchange Rate||62.03||-0.12 %||Dec 30|
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September 5, 2022
S&P Global Russia Services PMI Business Activity Index fell to 49.9 in August from July's 54.7.
September 2, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 51.7 in August, up from July's 50.3.
August 12, 2022
GDP contracted 4.0% year on year in the second quarter of 2022, according to a preliminary estimate released by Rosstat on 12 August.
August 10, 2022
Consumer prices fell 0.39% in July over the previous month, following the 0.35% fall recorded in June.
August 5, 2022
The IHS Markit Services Purchasing Managers’ Index (PMI) rose to 54.7 in July from June's 51.7.