Price Expectations for enterprises in August noticeably higher, exceeding averages for 2021-2022 - CBR

MOSCOW. Aug 18 (Interfax) - In August, the price expectations from enterprises in the economy as a whole increased significantly and exceeded the average values for 2021-2022, the Russian Central Bank of said in a commentary.

This is the second increase in a row, the Bank of Russia notes. Growth in price expectations was observed in all industries.

Earlier it was reported that companies' price expectations in July rose after falling for two months in a row, but they did not exceed the average values of 2021-2022.

The growth of enterprises' costs in August accelerated both in the economy as a whole and in all sectors, with the exception of the electric power industry, the Central Bank said. The most noticeably increased costs for enterprises were for trade, transportation and storage.

"Among the main reasons are the rise in prices for raw materials, materials and components against the backdrop of a weakening ruble, as well as a significant increase in the cost of fuels and lubricants and an increase in logistics costs," the Bank of Russia said.

The Central Bank draws attention to the acceleration of the growth in the selling prices for goods and services in August compared to July. The most significant price increases came from the sale of motor vehicles. In agriculture, for the first time since August 2022, there was an increase in current prices. Most enterprises associated the rise in current prices with the change in the exchange rate of the ruble.