Russia's annual inflation accelerates to 16-month high

ANKARA

The annual consumer inflation rate in Russia accelerated for the sixth consecutive month in June, hitting its highest level since Feb. 2023, according to data released on Wednesday.

Consumer prices increased 8.59% year-on-year in June, following an 8.3% hike in May, the Federal State Statistics Service data showed.

Food inflation came in at 9.81% last month, while services inflation rose to 8.79%.

On a monthly basis, inflation slowed to 0.6% in June from 0.7% in May, driven by food and services prices.

In its latest meeting in June, the Central Bank of Russia left its key interest rate unchanged at 16% for the fifth consecutive time.

The bank projects annual inflation to return to the target in 2025 and then stabilize around 4%.