Inflation decelerates w-o-w, albeit slowly, implying an acceleration y-o-y

RUSSIA ECONOMICS - In Brief 23 Jun 2021 by Alexander Kudrin
Rosstat reported that consumer prices increased by 0.12% in the seven days ending on June 21. Therefore, inflation reached 0.40% in the three weeks of June and 3.89% YTD (2.63% YTD over the same period in 2020). Inflation is likely to be slightly above 0.5% in June implying an acceleration in y-o-y terms as in June 2020 it was at 0.22%. Fresh fruit and vegetable prices are yet to start falling once the harvesting season begins widely. So far, prices for some commonly used vegetables grew a factor of two and more. As was mentioned last week, GKEM Analytica expects y-o-y inflation to stabilize in summer at above 6% level before it can start falling in 4Q20.Evgeny GavrilenkovAlexander Kudrin

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