Russia Inflation


Rising inflation approaches three-year high in June

In June, consumer prices rose 0.6% over the previous month, which was below the 0.9% rise recorded in May. June’s result mainly stemmed from higher prices for food and from the delayed pass-through effects of the ruble’s depreciation, which have caused prices of imported goods to increase. More recently, the ruble has gained stability in the foreign exchange market (see chart). Annual headline inflation accelerated slightly from 7.6% in May to 7.8% in June, which marked the highest rate of inflation since August 2011. As a result, inflation is now even higher 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 0.8% in June, which was just a tad below the 0.9% increase seen in May. Annual core inflation increased from 7.0% in May to 7.5% in June.

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


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Russia Inflation Chart

Russia Inflation June 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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