Inflation in Russia in annual terms from July 23 to August 1 slowed down and amounted to 15.3%. Such data are provided by the Ministry of Economic Development.

As stated in the message of the Ministry of Economic Development, the main contribution to the slowdown in inflation was made by cheaper food products due to lower prices for fruits and vegetables.

“The decline in prices for fruits and vegetables somewhat accelerated (minus 3.89% after a decline of 3.65%). For food products, with the exception of fruits and vegetables, a near-zero price increase is recorded. Prices for meat products, fat-and-oil and dairy products, eggs, as well as pasta and cereals continue to decline. At the same time, the rise in sugar prices has resumed,” the ministry’s report on the current price situation says.

For electrical and household appliances, the decline in prices slowed down, while for building materials it accelerated. At the same time, personal hygiene items have become more expensive. Also, the prices of passenger cars have also risen. Gasoline prices do not rise for the second week in a row.

At the end of 2022, the current official forecast of the Ministry of Economic Development assumes inflation at the level of 17.5%, however, they plan to revise the expectations downward. The Central Bank in July has already adjusted its inflation forecast for this year to 12-15% from 14-17%.

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