Support The Moscow Times!

Inflation Slowing, But Above Forecast

Inflation in June slowed to 0.6 percent from 0.9 percent in May, but still exceeded the Economic Development Ministry's prediction of 0.5 percent, Interfax reported, citing data from state statistics agency Rosstat.

By comparison, prices in Russia rose 0.4 percent in June last year.

The slowing rate of inflation is partly an expected seasonal effect. Prices on vegetables and fruits, previously on the rise, decrease steadily throughout June.

Total inflation from the beginning of the year has now reached 4.8 percent. The Economic Development Ministry last week revised its inflation forecast for the year down to 7.7 percent from its earlier forecast of between 7.7 and 7.8 percent.

Central Bank head Elvira Nabiullina on Tuesday said that the regulator intends to keep its monetary policy tight with the goal of bringing inflation down to 4 percent within three years, Gazeta.ru reported.

See also:

Western Sanctions Freeze Russia's Economic Growth, IMF Says

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more