Food inflation accelerates sharply in Russia

The increase in food prices in Russia has accelerated significantly in August 2024.

Source: The Moscow Times with reference to Rosstat (the State Statistics Service of Russia)

Details: Food inflation has accelerated in Russia. At the end of July the annual increase of bread and milk prices broke the record of January and February 2023 – 11.2% and 10.7% correspondingly. Since the beginning of August their price increased by 1.2% and 1.3%.

Over the past week (20-26 August) the prices of butter, sunflower oil, milk, sausages and black bread increased by 0.5-1%.

The increase of food prices is large-scale. The prices of pork, dairy products, oil and bread are also rising.

"There are no apparent signs of the slowdown in inflation so we wouldn’t rule out the possibility of further rate increase at the meeting of the Central Bank on 13 September," the analysts note.

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