Russia Inflation


Inflation picks up to highest level in 18 months

In February, consumer prices rose 0.6% over the previous month, which was down from the 1.0% increase recorded in January. The increase stemmed from faster growth in prices for both goods - in particular food items - and services. Despite the more moderate monthly increase, annual headline inflation rose from 7.1% in January to 7.3% in February, marking the highest level since August 2011.

The core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 0.4% in February, which was below the 0.5% rise recorded in January. Annual core inflation was stable at February's 5.7%.

The government expects inflation to end 2013 between 5.0% and 6.0%, while expecting inflation to be in a range of between 4.0% and 5.0% at the end of 2014. FocusEconomics Consensus Forecast panellists see inflation ending 2013 at 6.0%, which is down 0.1 percentage points from last month's forecast. In 2014, participants expect inflation to moderate to 5.6%.

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Russia Inflation Chart

Russia Inflation February 2013

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Federal State Statistics Service (Rosstat).

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