Russia inflation in August 2022

Inflation came in at 14.3% in August, down from 15.1% in July. The August number represents the weakest inflation rate since February. Moderation was widespread. Prices of services, food products and non-food goods rose at a slower pace in August compared to the previous month.

However, average annual inflation rose to 12.3% in August (July: 11.7%). Meanwhile, core inflation fell to 17.7% in August, from 18.4% in the previous month.

Finally, consumer prices fell 0.52% from the previous month in August, a sharper decline than the 0.39% drop recorded in July. The August result was the weakest reading since August 2017.

FocusEconomics panel members see inflation at 14.9% in 2022, down 1.1 percentage points from last month’s estimate, and 8.2% in 2023.

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