Russia Inflation


Inflation reaches 11-month high in April

In April, consumer prices rose 0.9% over the previous month, which was down from the 1.0% rise recorded in March. The pick-up mainly stemmed from higher prices for food and non-alcoholic beverages as well as for energy. Annual headline inflation accelerated from 6.9% in March to 7.3% in April, which marked the highest rate of inflation since May 2013. As a result, inflation is still above the Central Bank's 5.0% target for 2014.

The Russian ruble's (RUB) recent depreciation has increased pressure on consumer prices as it has caused an increase in the prices of imported goods. The hike in inflation and the depreciation of the ruble prompted the Central Bank to raise the reference interest rate at its 25 April meeting. The reference policy rate is not at the highest point since August 2009.

The core consumer price index, which excludes short-term price changes that are influenced by administrative and seasonal factors, rose 0.9% in April, which was above the 0.8% increase tallied in March. Annual core inflation increased from 6.0% in March to 6.5% in April.

FocusEconomics Consensus Forecast panelists see inflation ending 2014 at 5.8%, which is down 0.1 percentage points from last month's forecast. In 2015, participants expect inflation to ease to 5.0%.


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Russia Inflation Chart

Russia Inflation April 2014

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

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