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Fed Eclipsed in Russia as Utility Costs Risk Inflation Boost

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Don’t blame Bank of Russia Governor Elvira Nabiullina for looking past another downtick in inflation.

While price growth eased for a third month in June, rising utility costs will tack on as much as half a percentage point to inflation in the week through July 6, according to the Finance Ministry. Inflation slowed to 15.3 percent from a year earlier last month, from 15.8 percent in May, the Federal Statistics Service in Moscow said Monday. A Bloomberg survey of 18 economists predicted price growth of 15.4 percent.