Russia Inflation December 2018


Russia: Inflation jumps to 18-month high in December

December 29, 2018

According to preliminary data, in December, consumer prices rose 0.8% from the previous month, above the 0.5% increase recorded in November and the sharpest rise in nearly three years. According to Rosstat, higher prices for food drove December’s result.

Inflation soared to 4.2% in December, above November’s 3.8% and the highest reading since June 2017. In addition, inflation ended 2018 above the Central Bank’s 4.0% target. A weak ruble has stroked price pressures, along with higher food prices in recent months. Inflation is expected to rise sharply in the first half of 2019 due to an increase in the VAT tax at the start of the year.

Annual average inflation edged up to 2.9% in December from November’s 2.7%.

FocusEconomics panelists see inflation ending 2019 at 4.3%, which is unchanged from last month’s forecast. For 2020, participants expect inflation to end the year at 3.8%.


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Russia Inflation Chart

Russia Inflation December 2018

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

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