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Главная \ News \ In September, the current price growth slowed down amid rising annual inflation

In September, the current price growth slowed down amid rising annual inflation

In September 2020, the monthly increase in consumer prices (as estimated seasonally adjusted) decreased to 0.25% compared to 0.38% in August, according to the next release of the information and analytical commentary “Dynamics of consumer prices”.

The monthly increase in food prices has decreased, reflecting the high saturation of the market; prices for services have remained practically unchanged. At the same time, the rate of rise in prices for non-food products continued to rise, including under the influence of the weakening ruble.

Annual inflation increased by 0.09 p.p. to 3.67%, mainly due to an increase in prices for non-food products, imported or with a noticeable import component in the price. The annual rate of rise in the cost of services decreased, returning to the July level, in part due to the implementation by universities of the recommendations of the Russian Ministry of Education and Science to maintain tuition fees at the last year's level. Annual food inflation increased slightly due to base effects.

According to the forecast of the Bank of Russia, taking into account the current monetary policy, annual inflation will be 3.7-4.2% in 2020, 3.5-4.0% in 2021, and will be close to 4% in the future.

 

Source: www.cbr.ru

News
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

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