Russia: Inflation inches up in February
March 3, 2014
In February, consumer prices rose 0.7% over the previous month, which was up from the 0.6% rise recorded in January. The pick-up mainly stemmed from higher prices for food and non-alcoholic beverages as well as for alcoholic beverages and tobacco. Annual headline inflation inched up from 6.1% in January to 6.2% in February, which is still above the Central Bank's 5.0% target for 2014. The core consumer price index, which excludes short-term price changes that are influenced by administrative and seasonal factors, rose 0.5% in February, which was a notch above the 0.4% increase in January. Annual core inflation inched up from 5.5% in January to 5.6% in February. FocusEconomics Consensus Forecast panelists see inflation ending 2014 at 5.0%, which is unchanged from last month's forecast. In 2015, participants expect inflation to inch up to 5.2%.
Author: Armando Ciccarelli, Head of Data Solutions