Russia: Inflation holds stable in January
Inflation held steady at December’s 7.4% in January. December´s reading marked the highest rate since November 2023. Food and services inflation cooled slightly at the outset of 2024, while prices for non-food goods rose at a quicker pace. As a result, overall inflationary pressures remained well above the Central Bank’s 4.0% target.
The trend pointed down, with annual average inflation coming in at 5.6% in January (December: 5.9%). Meanwhile, core inflation rose to 7.2% in January, from December’s 6.8%.
Lastly, consumer prices increased 0.86% in January over the previous month, accelerating from the 0.73% increase logged in December.