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Central Bank: prices for goods and services will rise in Russia

Central Bank: prices for goods and services will rise in Russia

The Central Bank of Russia predicts a temporary increase in prices for goods and services. This is due to the resumption of the work of entrepreneurs after the exit from the self-isolation regime and the activation of demand.

As noted in reportе Bank of Russia, in addition to the pandemic and the resumption of millet, prices are affected by the weakening of the ruble. Annual inflation may rise along with prices. In June this year alone, it increased by 0,19 percentage points - up to 3,21%.

The annual growth rate of food prices also increased and amounted to 3,61% in June. Meat and poultry were the fastest growing - the annual growth rate of prices increased by 0,42 percentage points to 0,65%. Cereals, pasta and sugar also rose in price quite quickly. Reduced prices only for milk, dairy products and eggs.

According to forecasts of the Central Bank, high supply in the food market will restrain price increases. At the same time, the quality of the current crop will also affect prices in the future: now some crops are ripening in difficult weather conditions.

Prices for non-food products began to rise after the price of fuel and imported cars went up due to the weakening ruble. In annual terms, goods in this category rose 3,01%.

The annual increase in prices for services decreased to 2,46%. The main role in this was played by the reduced prices for air travel. In the future, prices will be subject to reduced demand and restrictions due to the pandemic.

By region, the highest inflation was in June in the Amur Region (5,29%), the Jewish Autonomous Region (5,26%) and Yakutia (4,4%). The lowest inflation was among the Far Eastern regions in Chukotka (2,26%) and Kamchatka (2,22%).

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