Russian Inflation Rate Down to 6.5% in July

In July of 2013, Russian annual inflation rate slowed for the second month in a row to 6.5 percent, from 6.9 percent in June, as food prices eased. From June to July, prices accelerated to 0.8 percent, from 0.4 percent recorded in the previous month.

On a year-over-year basis, food prices increased 4.9 percent, down from 6.2 percent recorded in June. Cost of bread and bakery products rose the most (up by 16 percent), followed by prices of pasta (+ 13.4 percent) and sunflower oil (+10.4 percent). In contrast, cost of sugar declined 3.5 percent.

Prices of alcoholic beverages and tobacco recorded the highest annual increase (up by 18.4 percent). Cost of housing, water, electricity and gas increased 10.1 percent; cost of education grew 11.3 percent; health cost rose 7.9 percent; prices of transport increased 5.1 percent and prices of clothes and footwear went up by 5 percent. 

From June to July, food prices decreased 0.2 percent. 

The average cost of a minimum food basket in Russia at the end of June of 2013 amounted to 2962 rubles per month. This represents a monthly decrease of 0.3 percent.

Russian Inflation Rate Down to 6.5% in July

Joana Taborda |
8/5/2013 1:46:33 PM