Russia: Inflation stable in December, ends 2013 above Central Bank's target
January 9, 2014
In December, consumer prices rose 0.5% over the previous month, which was down slightly from the 0.6% rise recorded in November. The pick-up stemmed mainly from higher prices for services. Annual headline inflation was stable at November's 6.5%, thus ending 2013 above the Central Bank's 5.0%-6.0% target range.
The core consumer price index, which excludes short-term price changes that are influenced by administrative and seasonal factors, rose 0.4% in December, which was below the 0.6% increase recorded in November. Annual core inflation was unchanged at November's 5.6%.
FocusEconomics Consensus Forecast panelists see inflation ending 2014 at 5.1%, which is unchanged from last month's forecast. In 2015, participants expect inflation to inch up to 5.2%.
Author: Armando Ciccarelli, Head of Data Solutions