Weekly Inflation in Russia Reaches 0.31%

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Weekly inflation in Russia continues to rise at a rapid pace, according to data released by Rosstat (the Federal State Statistics Service). In the week ending July 6, inflation hit 0.31%.

Inflation has been accelerating since late May, with weekly figures showing: 0.15% (May 26-June 1), 0.20% (June 2-8), 0.15% (June 9-15), 0.25% (June 16-22), and 0.22% (June 23-29).

The recent sharp increases in weekly inflation, particularly over the past two weeks, have been driven by significant price hikes for gasoline and diesel fuel. Over the latest week, gasoline prices jumped by 2.1% (following increases of 1.6% and 3% in the previous two weeks), while diesel prices rose by 3.4% (after increases of 2.2% and 2.7%).

Since the start of July, consumer prices have risen by 0.26%, and since the beginning of the year, they have increased by 4.49%.