According to Rosstat, the consumer prices in Russia grew by 0.1% over the past week relative to the previous reporting period. We remind you that the similar tendency was seen in June and May 2016, Masterforex-V Academy experts report.
As for August in general, there was deflation in Russia. First inflation hit the zero level and late on turned into deflation. To be more specific, the prices dropped by 0.1% for the first time in almost 5 years (since July 2011). According to the official stats, the year-over-year consumer inflation reach 3.9% in August 2016.
Over the past week, pork prices increased by 0.7%, chicken got 0.5% more expensive. Dairy products got 0.3% more expensive over the same period. At the same time, fish, rice, salt and tomato got cheaper. Veggies got 3.4% cheaper.
We remind you that according to Rosstat, July’s rate of inflation reached 0.6% m/m and 7.2% y/y.
Forex
Masterforex-V Academy reports that the Russian Ruble is currently going down in value against the U.S. Dollar, which means that USDRUB is rallying. This move is now considered a retracement against a long-term trend. For now, the price is moving around 64,85.
The closest major levels of resistance are MF pivots 67.15 and 67,65, while the closest major levels of support are located at 63,41 and 62,75, which is the all-time low.
