Russia: Inflation edges up in April
May 4, 2011
In April, consumer prices added 0.4% over the previous month, which was down from the 0.6% increase recorded in March and a tad below market expectations of a 0.5% increase. Higher non-food products and services prices were the main driver behind the monthly price increase. In particular, the rise in non-food products reflected a pick-up in the price of gasoline, which rose 0.9% over March, after having declined in the previous two months. As a result of the April reading, annual headline inflation inched up from March's 9.5% to 9.6%, marking the first increase in the past three months. The core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 0.5% in April, lifting annual core inflation from 7.7% in March to 8.0% in April. The government targets inflation to end the year in a 7.0-7.5% range.
Author: Armando Ciccarelli, Head of Data Solutions