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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

A temporary increase in prices for goods and services is forecasted by the Central Bank of Russia. This is due to the resumption of the work of entrepreneurs after leaving the regime of self-isolation and increased demand.

As noted in reportе The Bank of Russia, in addition to the pandemic and the resumption of millet, prices are affected by the weakening of the ruble. Along with prices, annual inflation may rise. Only in June of this year, 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 most expensive - the annual growth rate of prices increased by 0,42 percentage points to 0,65%. Also, cereals, pasta and sugar rose in price quite quickly. Only milk, dairy and egg prices were reduced.

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 reduced prices for flights. In the future, prices will depend on low demand and restrictions due to a 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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