Russia: Inflation picks up in January
February 4, 2011
In January, consumer prices jumped 2.4% over the previous month, more than doubling the 1.0% increase recorded in December. Higher food prices were the primary driver behind the reading. As a result of the monthly price spike, annual headline inflation jumped from 8.8% to 9.6%, marking the highest reading since October 2009 The core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 1.1% in January, lifting annual core inflation from 6.6% in December to 7.2% in January. The government expects inflation to end the year between 6.0% and 7.0%, and to fall within a 5.0% - 6.0% range in 2012.
Author: Armando Ciccarelli, Head of Data Solutions