Russia: January Inflation Is 0.7%

UrBC, Moscow, January 17, 2019. Russia’s inflation rate was estimated at 0.2% on January 1-14, 2019 and at 0.7% compared with the start of the year, Rosstat reports.

Between January 10 and January 14, the price of wheat rose by 0.6%, that of flour by 0.5%, and that of chicken and buckwheat by 0.3%. At the same time, the price of sausages, margarine, and chocolates dropped by 0.2%, 0.1%, and 0.1%, respectively.

Prices increased most noticeably in the vegetable and fruit segment, with the increase at 1.1% on average. Tomatoes and cabbage are now 2.6% more expensive, carrots are 1.9% more expensive, and onions and cucumbers are 1.1% more expensive. Compared with the start of the year, the price of cabbage, tomatoes, carrots, potatoes, onions, and cucumbers went up by 7.2%, 8.8%, 4.6%, 3.7%, 4%, and 9.6%, respectively.

Gasoline and diesel fuel prices rose by 0.2% between January 10 and January 14 and by 0.5% against January 1. Housing bills went up, respectively, by 0.2% to 0.4% and by 1% to 1.8%.

Now the Russian Government expects the inflation rate to come to 4.3% this year, while the Bank of Russia expects it to be 5% to 5.5%. The Bank of Russia’s head Elvira Nabiullina said at the Board of Directors meeting on December 14, 2018 that the actual figures might reach as much as 6% in 2019.

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