Russia Inflation


Inflation remains unchanged in May despite spiking fuel prices

In May, consumer prices added 0.5% over the previous month, which was up from the 0.4% increase recorded in April and in line with market expectations. Higher prices for non-food products and services were the main driver behind the monthly price increase. Non-food prices were driven by a sharp increase in gasoline prices, which in turn reflected fuel shortages experienced between late April and early May, even though the government tried to mitigate shortages by raising export duties on gasoline in May. Annual headline inflation remained unchanged at April's 9.6%. The core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 0.4% in May, lifting annual core inflation from 8.0% in April to 8.3% in May. The government targets inflation to end the year between 7.0% and 7.5%.

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