Russian Central Bank: inflation expectations fell noticeably

Russian Central Bank: inflation expectations fell noticeably

Russian inflation expectations fell noticeably in August, helped by a more stable rouble and as people adapted to an increase in their housing bills introduced in July, the head of the Russian central bank's monetary policy department, Andrei Lipin, said.

According to a poll commissioned by the central bank from the inFOM company, expected 12-month inflation fell to its lowest level since October 2014.
 
He said that several factors contributed to the improved outlook, including the broadly stable rouble rate seen in August and prices falling for some foodstuff and other goods.
 
"In addition, the increase in consumer confidence comes as a result of expectations of improvements in material well-being of the population," Lipin said in a statement.
 
In July, people were hit with a seasonal increase in their housing and utility bills, which contributed to higher inflation expectations that month.
 
"The observed (August) dynamics are likely a recovery from the deterioration in the previous month," the central bank said in its report.
 
Lipin said the fact that inflation was expected to fall to 5-6% by year-end would help inflation expectations fall further.

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