AERC continues to monitor internal and external factors of inflation. Considering the inflation dynamics observed in June, AERC expects the annual inflation rate to continue declining until September. However, the authors point out the risks of an increase in monthly inflation starting in August, taking into account emerging pro-inflationary external and internal factors. Specifically, the authors note the rise in inflation in Russia and the FAO index. Among the internal pro-inflationary factors is the growth of the monetary base.
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