Russia: Inflation ends 2016 at four-and-a-half year low
December 30, 2016
According to a preliminary estimate released by the Federal Statistics State Statistics on 30 December, consumer prices in Russia increased 0.4% from the previous month in December, which mirrored November’s increase.
Although the preliminary estimate did not release a detailed breakdown of data, the statistical office noted that the monthly increase reflected a 0.6% rise in foodstuff prices, while non-food products and services increased just 0.3%.
Inflation fell from 5.8% in November to 5.4% in December, which fell below the Central Bank’s forecast of between 5.5% and 6.0% marked the lowest level since June 2012. Russia’s Central Bank has played an important role in bringing down inflation. More detailed data will be published on 11 January.
The inflation trend confirms the downward trajectory: annual average inflation fell from 7.7% in November to 7.1% in December.