Russians’ Daily Expenses Up 1.9% in February 2019

12 March 2019 (09:27)

UrBC, Moscow, March 12, 2019. Russians’ daily expenses increased by 1.9% in February 2019 compared with one month previously and by 7.2% compared with one year earlier; both of these figures are, in fact, ahead of both the monthly and the annual inflation rate.

According to Romir Holding’s Romir Consumer Scan Panel, Russians spent five times as much in February 2019 as could be expected based on the inflation statistics. This has been the several-year high for February so far. Moreover, people’s factual expenses were also at an all-time high.

Last month’s increase in spending had to do with not only the public holidays but also the growing prices: the average supermarket receipt amount and the share of income people spend on groceries went up by as much as 54% last month, by 53% in January and December, and by 50% three months ago.

The increase in consumer spending was registered in all parts of the country in February; the Urals proved the only part of Russia where locals spent approximately the same amount of money as in January 2019. In other Russian territories, people spent between 1.3% to 3.7% to 4.6% more in the South of Russia, in the North-West, and in the Far East, respectively; people living in the rest of the country spent 2.6% to 2.8% more than in the previous months.

Moscow-based Russians’ daily expenses rose by 2.6%, the expenses of those living in Saint Petersburg rose by 4.7%. Those living in other Russian cities with the population of more than one million people spent 3% more in February 2019 compared with January 2019 and 4.2% more than in February 2018. Those living in Russian cities with the population between 500,000 and 999,000 people spent 0.7% more than one month earlier and 7.9% more than one year earlier. Those living in towns with the population of 100,000 to 499,000 people spent 1.9% more than one month earlier and 11.3% more than one year earlier.

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