Inflation in Russia increased to a maximum of three years in the first week of July, with consumers affected by a high increase in public services charges, as the augmented pressure to President Vladimir Putin.
Russian consumers are affecting with a sharp increase in inflation, mainly driven by an increase in service loads. New data reveals that inflation increased to a maximum of three years in the first week of July.
The rate increased to 0.79% between July 1 and 7, By marking the greatest weekly increase in the consumption price index since spring 2022. “The rates for certain types of utility have changed on average in Russia,” said Rossat, the Kremlin statistical agency.
Increased inflation is attributed to the rise of housing fees and communal services. One year ago, during the week “Tarifa” (from June 25 to July 1), prices increased by 0.66%. The Government had projected that rates would increase an average of 11.9%, but it was allowed in the regions to increase -more, which many did.
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“The rates for certain types of utility have changed on average all Russia (this is the rossate euphemism for the word” increased ” – TMT): supply of cold water +14.9%, sanitation +14.6%, hot water supply +13.8%, liquefied gas +13.5%, electricity +13%,” The express.
The hike on housing rates and public services will continue to affect inflation for several more weeks. Decreased inflation has arisen as an important problem for Kremlin, forcing the central bank to raise interest rates to levels that are not seen in almost two decades.
Last year, bank officials increased interest rates to 21%, before reducing it to 20% in recent weeks.
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Russian consumers feel that food prices increase, as staples like potatoes have seen a 167%increase. This increase is pressing Kremlin officials to refresh the price controls of the Soviet era.
Yulia Ogloblin, vice president of the Duma State Agricultural Committee, mentioned that Kremlin has already reflected on the Soviet price control model.
“We have seen that a” rocker effect “is increasingly producing, when the purchase price of the products low suddenly and suddenly rises,” said Ogloblin. “This happened with potatoes, milk and butter. Prices must be fixed based on the current conditions, costs and profitability of the producers.”
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