Russia Inflation December 2016


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.

Russian monetary authorities are confident that inflation will be on track to reach the 4.0% target at the end of 2017. The Consensus view of a panel of analysts surveyed by FocusEconomics is not in line with the Central Bank’s assessment. Panelists see inflation ending 2016 at 6.0%, which is down 0.1 percentage points from last month’s forecast. For 2017, participants expect inflation to ease to 5.0%, which is also down 0.1 percentage points from last month’s forecast.

Author: Angela Bouzanis, Senior Economist

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Russia Inflation Chart

Russia Inflation December 2016 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Federal State Statistics Service (Rosstat).

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