Since the beginning of the month, inflation in the Russian Federation by February 19 amounted to 0.43%, since the beginning of the year – 1.29%
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Annual inflation for the period from February 13 to 19 in Russia remained at the level of the previous seven days and amounted to 7.57%, (.pdf) reported by the Ministry of Economic Development. By assessment Rosstat, the consumer price index for February 13–19 was 0.11% (inflation in the past seven days was 0.21%), from the beginning of the month – 0.43%, from the beginning of the year – 1.29%.
According to the Ministry of Economic Development, in the segment food products prices increased by 0.25% over the week. Prices for fruits and vegetables increased by an average of 1.35% (according to Rosstat estimates – by 1.4%), for other products – by 0.15%.
Non-food products on average, prices fell by 0.04%, the ministry reports. In particular, electrical and household appliances became cheaper by 0.45%, gasoline prices by 0.02%, and diesel prices fell by 0.09% over the week.
In the segment regulated, tourism and consumer services The Ministry of Economic Development recorded a price increase of 0.07% compared to 0.58% in the previous week. The department associates the slowdown in inflation with a sharp decrease in the rate of increase in the price of air tickets – from 8.21% to 0.12%. The increase in prices for household services amounted to 0.15%.
On February 16, the Bank of Russia kept the key rate at 16%. In the release on the key rate, the regulator noted that the return of inflation to the target and its further stabilization near 4% implies a long period of tight monetary conditions.
Prior to this, the rate was raised five times in a row – by only 850 basis points. In December 2023, it was increased from 15% to 16%. In November, the head of the Central Bank, Elvira Nabiullina, spoke about plans to reduce the key rate as the inflation rate approaches 4%. In December, the Russian Ministry of Finance predicted that inflation in 2024 would be 4.5%. At the end of last year, inflation was 7.59%.
Read more about the Bank of Russia’s decision to keep the key rate at 16% in the Kommersant article “Time will crush”.
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