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In annual terms, inflation in the Russian Federation in August 2021 accelerated to 6.68% (the maximum since August 2016), according to data Rosstat.
The indicator increased from 6.46% at the end of July, 6.50% at the end of June, 6.02% at the end of May, 5.53% at the end of April, 5.79% at the end of March, 5.67% at the end of February … At the end of January, inflation was 5.19%, at the end of December – 4.91%, transfers Interfax.
Inflation in August decelerated to 0.17% from 0.31% in July, 0.69% in June, 0.74% in May, 0.58% in April, 0.66% in March, 0.78% in February and 0.67% in January.
Food inflation amounted to 7.7% compared to August last year, while non-food inflation came close to 8%. The fastest growing prices in August were for lemons – by 24.1%, oranges – by 5.7%, garlic – by 3.7% and dried fruits – by 1.7%.
The prices for sugar in the country on average increased by 0.5%, and for sunflower oil – by 0.2%.
The cost of pork increased by 2.5%, liver prices increased by 2.1%, beef – by 1.6%.
Among non-food products, the most significant rise in price was for gas motor fuel – by 21.3%. At the same time, an increase in prices by 22% or more was noted in 23 subjects, including in the Orenburg region – by 32.2%, Ingushetia – by 31.8%, Chelyabinsk region – by 30.5%, Chechnya – by 28.8 %.
In January-August 2021, prices increased by 4.69% (in January-August 2020, the rise in prices was significantly lower – 2.95%, including a deflation of 0.04% in August last year).
The last time prices in the Russian Federation rose in August in 2015, after that, against the background of a seasonal drop in prices for fruits and vegetables, there was either zero inflation or deflation, according to official statistics.
Inflation in August turned out to be higher than analysts’ expectations – the consensus forecast of economists on inflation for August was 0.1%.
In September, inflation will receive an additional impetus in the form of pre-election payments promised by Russian President Vladimir Putin to pensioners, military personnel, cadets and law enforcement officers. These payments reach 500 billion rubles, writes The Bell.
According to Rosstat, from August 31 to September 6, inflation was 0.07% after 0.09% from 24 to 30 August and 0.10% from 17 to 23 August. For the second half of August and the first half of September, such weekly inflation at the level of almost 0.1% is significantly higher than the norm.
Average daily inflation for the six days of September was 0.01% (for the same period in August 2020 it was zero).
From Rosstat data, it follows that the annual inflation in the Russian Federation as of September 6 continued to grow towards 6.8% (it was in the region of 6.74-6.75%). This is pushing the central bank to take a tougher decision.
On September 10, a meeting of the Board of Directors of the Central Bank will take place, at which, according to analysts, the key rate will definitely be raised. Some of them believe that the rate will rise from the current 6.5% by 25 basis points. Other experts believe that it will grow by 50 bp. (up to 7%).
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