CPI Monitor: Marked by high demand for travel

Macroeconomics

Consumer inflation rose to 0.22% WoW over the June 18-24 period compared with 0.17% the previous week due to rising prices for a wide range of items, including food, building materials, imported electronic goods, airline tickets and tour packages. The contribution of stable components of inflation also increased. Consumption indicators are moving in different directions: household spending is gradually declining from a high level, while lending continues to grow. The dynamic of the latter may be elevated in anticipation of the curtailment of consumer lending from July 1.