Seasonally adjusted prices in Russia increased moderately during July and August, largely because of a one-time rise tied to the indexation of utility rates. According to the Bank of Russia, there are now fewer indications that the economy is overheating as demand growth has slowed.
Consumer activity has rebounded, supported by an increase in real household incomes. The central bank stated that maintaining tight monetary conditions will be necessary to keep inflation aligned with its 4% target.
The findings were published in the latest edition of “Talking Trends,” a bulletin released by the Bank of Russia.
