Russia Inflation


Inflation slows in January

In January, consumer prices rose 0.6% over the previous month, which was up from the 0.5% rise recorded in December. The pick-up mainly stemmed from higher prices for food and non-alcoholic beverages as well as for alcoholic beverages and tobacco. Annual headline inflation slowed from 6.5% in December to 6.1% in January, which is above the Central Bank's 5.0% target for 2014.

The core consumer price index, which excludes short-term price changes that are influenced by administrative and seasonal factors, rose 0.4% in January, mirroring the result recorded in December. Annual core inflation inched down from 5.6% in December to 5.5% in January.

FocusEconomics Consensus Forecast panelists see inflation ending 2014 at 5.0%, which is unchanged from last month's forecast. In 2015, participants expect inflation to inch up to 5.2%.

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Russia Inflation Chart

Russia Inflation January 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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