- The growth in prices for consumer goods and services (seasonally adjusted) accelerated in January as compared to December. There was an increase in the current indicators of sustainable price trends. Prices for fruit and vegetables, household appliances and electronic devices rose faster. The rise was associated with a weaker ruble, an increase in producers’ costs, and the decreased supply of certain imported vegetables.
According to the Central Bank of Russia press release on February 17, 2023, annual inflation continued to decline and reached 11.77%. The Bank of Russia forecasts that in the coming months it will temporarily drop below 4% considering the high base effect of the last spring. However, taking into account a rise in persistent inflationary pressures, this indicator will be increasing slightly in 2023 H2. Given the monetary policy pursued by the Bank of Russia, annual inflation will decline to 5.0–7.0% in 2023, return to 4% in 2024, and stabilise close to 4% further on.
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.
