Russia: Inflation reaches highest level in over a year
February 5, 2013
In January, consumer prices rose 1.0% over the previous month, which was up from the 0.5% increase recorded in December. The increase stemmed from faster growth in prices for both goods - in particular non-food items - and services. As a result, annual headline inflation rose from 6.5% in December to 7.1% in January, marking the highest level since October 2011.
The core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 0.5% in January, which was above the 0.4% rise recorded in December. As a result of the moderation, annual core inflation was stable at December's 5.7%.
The government expects inflation to end 2013 between 5.0% and 6.0%, while expecting inflation to be in a range of between 4.0% and 5.0% at the end of 2014.
Author: Armando Ciccarelli, Head of Data Solutions