Fresh statistics and high-frequency data indicate ongoing economic growth, although the expansion is uneven. The consumer sector, wholesale trade, and manufacturing have shown positive developments. In contrast, mining and quarrying, transport, and agriculture have experienced weaker performance.
An increase in the monthly growth of consumer prices (seasonally adjusted) has been observed. This rise is largely attributed to temporary factors. Despite this, inflation expectations remain elevated. Concurrently, there is a gradual slowdown in lending activities while savings are on the rise.
The current tight monetary conditions are anticipated to further slow down lending and demand within the economy. This approach aims to bring inflation back to 4%.
Additional insights can be found in Talking Trends, a bulletin from the Bank of Russia.
