Inflation in Russia slowed again in July, thanks to a monthly decline in consumer prices amid sluggish demand, giving the country’s central bank justification to continue cutting interest rates.
In particular, annual inflation slowed in July to 15.1%, from 15.9% in June, according to data published on Wednesday by the country’s statistics agency Rosstat. Indeed, the slowdown was larger than expected, as analysts polled by Reuters had expected the consumer price index to fall to 15.3 percent.
In any case, annual inflation remains well above the central bank’s target of 4%.
On a monthly basis, the consumer price index (CPI) fell 0.39% after falling 0.35% in June.
On a weekly basis, finally, the consumer price index fell 0.08% in the week ended August 8, falling for the fifth straight week.
Easing inflationary pressures allowed Russia’s central bank to cut its key interest rate by 150 basis points in July to 8%, while signaling it would consider further cuts as the economic contraction was set to continue for longer period of time than previously expected.
Source: Capital
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