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Inflation Growth
January 13, 2019 17:12


(Source: http://konzarya.ru/node/5920)

Following the results of 2018, inflation in Russia amounted to 4.3 percent compared to 2.5 percent in the previous year. This is stated in the message of the Federal State Statistics Service (Rosstat).

The increase in food prices in 2018 was 4.7 percent, non-food products - 4.1 percent, and services - 3.9 percent. Among food products, prices for sugar (28.3 percent) and eggs (25.9 percent) increased most of all.

At the same time, in some regions, the rise in prices for eggs exceeded the average figures significantly - most of all in Udmurtia (31 percent), Mari El (29.5 percent) and the Oryol Oblast (28.3 percent). In addition, prices for poultry meat  (9.7 percent), bread (5.2 percent), fruits and vegetables (4.9 percent), seafood (3.7 percent) and dairy products (2.9 percent) increased. A slight increase in prices (1.2 - 1.4 percent) was noted for pasta, cereals and alcoholic beverages.

Retail gasoline prices in 2018 outpaced inflation and increased by 9.4 percent compared to 2017. Deputy Prime Minister Dmitry Kozak held a meeting in October 2018, where the Ministry of Energy and FAS signed agreements on the regulation of the fuel market from November 1, 2018 to March 31, 2019. According to the document, in 2019, Russian oil companies can increase gasoline prices by no more than 1.7 percent. At the same time, the increase in gasoline prices due to the increase in VAT and excise taxes on fuel has already begun: the average increase is 65-80 kopecks per liter.

 
Earlier it was reported that the head of the Ministry of Economic Development and Trade Maxim Oreshkin expected that the size of inflation would be from 2.7 to 3.2 percent. In December 2018, he spoke about the beginning of 2019 as a difficult stage for the Russian economy. In December, it was reported that in the first 11 months of 2018, food prices increased by 3.3 percent. In European countries, the figure was 1 percent.

The Central Bank   warned that annual inflation in Russia at the beginning of 2019 could reach 5.5% due to the increase in VAT.

According to the results of 2019, the Central Bank predicts inflation at the level of 5-5.5%, while the Ministry of Economic Development - 4.3%.

Analysts are waiting for inflation at the end of 2019 in the amount of 4.7% (according to the consensus forecast, prepared by Interfax at the end of December).

In 2018, Russia ranks 16th in terms of inflation in the world. Inflation in Russia, as in many countries, is based on calculation of  the Consumer Price Index for Goods and Services. It is noteworthy that in Russia this index is calculated only since 1991. 
 



Author: Anna Dorozhkina

Tags: Russian economy     

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