Russia Inflation May 2019

Russia: Inflation ticks down in May

In May, consumer prices rose 0.3% from the previous month, matching April’s increase. According to Rosstat, prices were broadly unchanged for non-food items, while price pressures for food products and services were somewhat stronger, driving the overall increase.

Inflation ticked down to 5.1% in May, from 5.2% in April and marking the lowest reading since January. May was the second consecutive month of easing inflation, reflecting gradually receding effects from January’s VAT hike that pushed up inflation at the outset of the year. The overall effects of the tax increase have been milder than expected, however, partly thanks to frail consumer demand dynamics in the first half of the year.

Annual average inflation rose to a 19-month high of 4.1% in May, from 3.8% in April.

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