Wednesday, June 7, 2023
HomeEconomyRussian consumer prices fall for 8th straight week, making room for rate...

Russian consumer prices fall for 8th straight week, making room for rate cut

MOSCOW (Reuters) – Russian consumer prices fell for an eighth week in a row, data showed on Wednesday, thanks to a seasonal drop in fruit and vegetable prices, sluggish consumer demand and the ruble’s rise over the past few weeks. monthly appreciation.

The consumer price index fell 0.24% in the week to August. 29 The Federal Statistical Office Rosstat said Wednesday that it fell by 0 a week ago. 15 %.

Annual inflation slowed to 10. 10% as August15 from .60% A week ago, the economy ministry said Wednesday.

The inflation pattern could open the door for further rate cuts by the central bank. The bank cut its key interest rate by 40 basis points to 8% last month and said it was ready to consider further monetary easing to help the economy. The next board meeting is scheduled for September. Everything from milk and sugar to clothes and smartphones has soared since Russia sent tens of thousands of troops to Ukraine in February 24.

Year-to-date, the price of foreign-made cars, sanitary pads and soap has risen by about 40%, while the headline consumer price index has risen 10.10% and 4.40 Compared to Rosstat data show, 2021 percentage increase over the same period.

High inflation has been one of the main concerns for households for years as it erodes their spending power and standard of living, the recession will deepen this year this question.

The Russian economy will be in 2022, a senior administration official said this week, well below initial expectations, suggesting the economy is dealing with sweeping Western sanctions more than feared better.



Please enter your comment!
Please enter your name here


Featured NEWS