Russia: Inflation picks up in April
May 6, 2013
In April, consumer prices rose 0.5% over the previous month, which was above the 0.3% increase recorded in March. The acceleration stemmed from higher growth in prices for both goods, in particular food products, as well as for services. As a result of the monthly rise, annual headline inflation rose from 7.0% in March to 7.2% in April.
The core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 0.4% in April, mirroring the result recorded in the last two months. Annual core inflation inched up from 5.6% in March to 5.7% in April.
The government expects inflation to end this year at between 5.0% and 6.0%, while expecting it to end 2014 in a range of between 4.0% and 5.0%. FocusEconomics Consensus Forecast panellists see inflation ending 2013 at 6.0%, which is unchanged from last month's forecast. In 2014, participants expect inflation to moderate to 5.8%.
Author: Armando Ciccarelli, Head of Data Solutions