Russia Inflation January 2019

Russia

Russia: Inflation jumps to 5.0% in January after VAT hike

February 6, 2019

In January, consumer prices rose 1.0% from the previous month, above the 0.8% increase recorded in December and the sharpest rise in three years. According to Rosstat, higher prices for food products and services drove January’s result.

Inflation soared to 5.0% in January, notably above December’s 4.3% and the highest reading since June 2017. An increase in the value added-tax and a weak ruble have stroked price pressures. That said, January’s reading was below the 5.2% expected by market analysts.

Annual average inflation edged up to 3.1% in January from December’s 2.9%.

Russia Inflation Forecast


FocusEconomics panelists see inflation ending 2019 at 4.6%, which is up 0.2 percentage points from last month’s forecast. For 2020, participants expect inflation to end the year at 3.9%.


Author: Angela Bouzanis, Lead Economist

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Russia Inflation Chart


Russia Inflation January 2019

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


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