Inflation in Russia
Russia - Inflation
Inflation hits highest level since November 2019
Consumer prices increased 0.20% in June over the last month, slowing down from May's 0.27% increase. June's result marked the softest rise in prices since October 2019.
Inflation came in at 3.2% in June, up from May’s 3.0% print. June's figure was the highest inflation rate since November 2019. Meanwhile, the trend pointed down mildly, with annual average inflation coming in at 3.3% in June (May: 3.4%). Core inflation was steady coming in at May's 2.9% in June.
Commenting on inflation outlook, Dmitry Dolgin, chief Russia economist at ING, said:
“Given that the current pick-up in CPI is caused largely by the base effect, and given new disinflationary factors, we now do not exclude downside to our CPI forecast that we recently lowered to 3.7% YoY for year-end 2020. This reaffirms our view that the key rate has at least 50 bp downside from the current 4.5% level, to be realized throughout 2H20, and the likelihood of a 25 bp cut in July has increased. Meanwhile, pro-inflationary risks attributable to the possible return of FX volatility in 2H20 and a pick-up in consumer demand may return to focus later in the year.”
FocusEconomics panelists see inflation ending 2020 at 3.8%, which is down 0.5 percentage points from last month’s forecast. For 2021, participants project inflation to end the year at 3.5%.
Russia - Inflation Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | 15.5 | 7.1 | 3.7 | 2.9 | 4.5 |
Russia Inflation Chart
Source: Russian Federal State Statistics Service (Rosstat) and FocusEconomics calculations.
Russia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 6.23 | 0.13 % | Dec 30 |
| Exchange Rate | 62.03 | -0.12 % | Dec 30 |
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Economic News
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Russia: Inflation hits highest level since November 2019
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