Russia Inflation January 2021


Russia: Inflation hits highest level since April 2019 in January

February 5, 2021

Consumer prices rose 0.67% over the previous month in January, a smaller increase than December's 0.83% increase. Looking at the details of the release, prices for food items continued to outpace prices for services and non-food items, chiefly due to soaring prices for fruits and vegetables.

Inflation came in at 5.2% in January, up from December’s 4.9%. January's result marked the highest inflation rate since April 2019. Annual average inflation ticked up to 3.6% in January (December: 3.4%). Lastly, core inflation rose to 4.6% from the previous month's 4.2%.

FocusEconomics panelists see inflation ending 2021 at 3.5%, which is unchanged from last month’s forecast. For 2022, participants project inflation to end the year at 3.8%.


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Russia Inflation Chart

Russia Inflation January 2021

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

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