OREANDA-NEWS The Ministry of Economic Development (Minec) expects a slowdown in consumer price growth in Russia to 8.1 percent in September 2024 from 9.05 percent in August. This is reported by the Vedomosti newspaper with reference to the basic version of the forecast of socio-economic development for 2025-2027.

The ministry expects that the cost of food in the country by the end of the first month of autumn will grow by an average of 8.1 percent year-on-year against an increase of 9.72 percent in August. In turn, the pace of price increases in the non-food segment, according to the ministry's forecast, will slow down to 5.4 percent by the end of September.

As for services, their cost for the first month of autumn will increase by 10.6 percent against the August increase of 11.73 percent. High growth rates will continue in the field of housing and communal services (housing and communal services), in this segment the average price increase by the end of September will be 10.6 percent. The latter was primarily associated with the indexation of tariffs carried out in July for the first time in a year and a half. The annual growth in prices for industrial products will slow down to 5.2 percent by the beginning of October, the Ministry of Economy summed up.

The Central Bank predicts that a steady slowdown in consumer price growth in Russia should be expected no earlier than 2025. By the end of 2024, the regulator predicts that by the end of December, annual inflation in the country is likely to exceed the July forecast range of 6.5-7 percent. In 2025, according to the Central Bank's assessment, the price growth rate in the Russian Federation will approach the target value and amount to 4-4.5 percent, and in 2026 it will be fixed at the required level.