Abstract
The Russian consumer price inflation gained speed in June 2017, up 4.4% from June 2016, which is 0.4 p.p.s above the Bank of Russia’s target inflation rate for 2017 and 0.3 p.p.s above the rate seen in May 2017. The price rise was driven basically by the increase, due to adverse weather conditions, in food prices which appears to be temporal. However, the current inflation dynamics may force the Russian central bank to slow its easy monetary policy in an environment of continuing high inflation risks including a lean crop yields, rouble depreciation, consumer demand rally, as well as uncertainty about the fiscal policy.
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