In June, annual inflation in Russia fell to 9.4%, marking the third consecutive month of decline. The monthly price growth, seasonally adjusted, was recorded at 4.0% in annualized terms. However, price changes continued to vary significantly across different groups of goods and services.
The monthly growth rate for food prices decreased, with the most significant slowdown seen in meat products. Fruits and vegetables also saw a reduction in prices at a rate higher than the seasonal norm. The increase in prices for personal and medical services slowed somewhat but remained high. Meanwhile, prices for non-food goods excluding petroleum products did not change on average.
Despite this decline, annual inflation remains well above the target set by the Bank of Russia. The bank aims to reduce inflation to 4.0% by 2026 and maintain it near this level thereafter.
Further information can be found in the latest issue of the Bank of Russia’s information and analytical commentary on Consumer Price Dynamics.
