In August, taking into account seasonality, prices rose more slowly than in July, when the indexing of utility tariffs significantly influenced inflation. However, many indicators of sustainable price growth increased compared to the previous month. Year-on-year inflation remained virtually unchanged at 9.1%.
High inflation is being influenced by a strong domestic demand, which production of goods and services is unable to keep up with. To reduce inflation once again, additional tightening of monetary conditions is required.
For more details, read the information and analytical commentary from the Bank of Russia titled “Consumer Price Dynamics.”
Photo in the preview: Vladimir Smirnov / TASS