Consumer prices continue to rise rapidly
Sep 16, 2024
Seasonally adjusted prices grew more slowly in August than in July when inflation was significantly influenced by the indexation of utility rates. However, several measures of underlying inflation increased month-on-month. Annual inflation remained nearly unchanged at 9.1%.
High inflation is driven by strong domestic demand, which grows faster than the output of goods and services. Further monetary tightening is needed to slow down inflation.
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.
Preview photo: Vladimir Smirnov / TASS