Moscow 28.02.2021 23:39

Inflation in Russia at fastest rate

The cost of living grew in July at the fastest rate this year as utility tariffs increased and crop losses (due to severe drought) signaled higher food prices.

Russia, which was the world’s third biggest wheat exporter last year, has 16 regions affected by severe drought this year.

Consumer prices grew 5,9% in July from a year earlier. Central Bank of Russia aims to hold inflation at 5 to 6 percent this year.

Policymakers caped inflation at a record-low 6,1% rate in 2011, down from 8,8% in the two previous years.

The consumer price index will probably reach 7,3% by the end of this year.