By the end of August, Russia will set an absolute record for price changes – since the formation of the Russian Federation, there has never been a three-month price decline of this magnitude. Prior to this, for three months in a row, prices fell only once – from July to September 2011. However, then the accumulated price change was minus 0.29%.
According to the latest statistics on inflation in Russia, we can confidently conclude that in August the record of 2011 for a three-month deflation will be repeated. However, this time the cumulative price change was minus 1.12% as of August 22, 2022. It also set a record for seven consecutive weeks in a continuous downward trend in prices – the decrease occurs from July 1 to August 22 inclusive.
From April 8 to August 22, the cumulative price change is zero – Russia was the only country in the world to have a deflationary trend for almost five months.
Fruits and vegetables, building materials and electronics made the most significant contribution to the decline in prices in Russia last week, which provided a cumulative weekly price reduction of 0.21%. As for the rise in prices, medicines and other products (except fruits, vegetables and non-food products) were noted here, which ensured an increase of 0.06%. All other items of expenditure on goods and services remained at zero.
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