Inflation in August 2021

The growth rate of consumer prices in August slowed down to 0.5% mom compared to 0.7% mom in July. Due to the seasonal drop in prices for fruits and vegetables inflation in August was at its lowest level this year. At the same time, the pressure on consumer prices from non-food products and paid services persisted. This, in turn, affected the annual inflation growth, which was at its maximum level since the end of 2016 and amounted to 8.7%. Based on the dynamics of consumer prices, we keep our forecast for consumer inflation at the level of 8.5-8.7% at the end of 2021.