The growth rate of consumer prices in July was 0.7% mom, while the annual inflation rate reached a four-year high of 8.4%. Amid high inflationary pressures on the economy in spring and summer, seasonal disinflation of food prices was less pronounced than in the previous years. In addition, the increase in utility tariffs occurred in the summer, and not in the fall, as was the case last year. Taking into account the accelerating growth in prices for all components of the consumer basket, we raise our forecast for consumer inflation to 8.5-8.7% by the end of 2021.
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