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Inflation in Russia has accelerated sharply

Inflation in Russia in the period from June 30 to July 6 jumped to 0.3% after zero value reached a week earlier, according to Rosstat data.
The surge in consumer price growth was caused by the indexation of tariffs for housing and communal services on July 1. According to Rosstat, the payment for electricity supply increased by 4%, water disposal - by 3.5%, liquefied gas – by 3%, cold water supply – by 2.9%, heating - by 2.8%, hot water supply – by 2.4%.

Based on the average daily dynamics of the indicator, the annual inflation as of July 6, without rounding to tenths of a percent, rose to 3.3% from the 3.2% level reached at the end of June.
From the beginning of the year to July 6, consumer prices increased by 2.9%, from the beginning of the month – by 0.3%. The average cost of motor gasoline increased in the reporting period by 0.2%, diesel fuel – by 0.1%.

As a result of the meeting held in mid-June, the Bank of Russia, as expected, lowered its key rate by 1 percentage point to a record low of 4.5%. Commenting on its decision, the regulator noted that disinflationary factors are acting stronger than previously expected, due to the longer duration of restrictive measures in Russia and in the world. The influence of short-term pro-inflationary factors is largely exhausted. The risks to financial stability associated with the situation in the global financial markets have decreased.
According to the Central Bank, in these conditions there is a risk of a significant deviation of inflation down from the target of 4% in 2021. The decision on the key rate is aimed at limiting this risk and keeping inflation close to 4%.

Source: www.bcs-express.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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