Russia: Inflation accelerates in March
April 4, 2014
In March, consumer prices rose 1.0% over the previous month, which was up from the 0.7% rise recorded in February and marked the highest monthly increase since January 2013. 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 accelerated from 6.2% in February to 6.9% in March, 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 0.8% in March, which was above the 0.5% increase in February. Annual core inflation rose from 5.6% in February to 6.0% in March. FocusEconomics Consensus Forecast panelists see inflation ending 2014 at 5.8%, which is up 0.5 percentage points from last month's forecast. In 2015, participants expect inflation to ease to 5.1%.