Weekly inflation in Russia accelerated to 0.11%

Consumer prices in Russia in the week from November 15 to November 21 rose by 0.11% after 0.6% a week earlier, follows from Rosstat data.

Since the beginning of November, inflation has amounted to 0.18%, and since the beginning of the year – 10.86%.

In the food segment, prices increased for sausage (by 0.6%), milk (0.4%), canned meat for baby food and chicken eggs (0.3%), lamb and millet (0.2%). Buckwheat groats (1.3%), granulated sugar (0.9%), margarine (0.6%) and sunflower oil (0.4%) fell the most.

The increase in prices for fruit and vegetable products averaged 2.7%, the prices for cucumbers (11.3%), tomatoes (4.1%), beets (2.5%), bananas (0.9%) and carrots increased the most ( 0.5%). At the same time, onion fell in price by 0.6%, and cabbage – by 0.5%. Among the medicines observed by the department, the prices of multivitamins (by 0.7%), allochol (0.5%), corvalol (0.3%), rengalin and ergoferon (0.2%) have risen in price, and validol (0.4%) has fallen in price and levomekol (0.1%).

In the group of hygiene items and essential goods, the prices of toothpaste (0.6%), dry pet food (0.5%) and toilet soap (0.4%) increased, and among consumer goods – men’s T-shirts (0.3 %), filter cigarettes and sneakers (0.2%). In the service segment, Rosstat recorded an increase in airfare by 3.2% and a decrease in the cost of hostels and hotels by 0.3%.

November 15, Chairman of the Central Bank Elvira Nabiullina statedthat inflation in Russia now is not much different from the rate of price growth in comparable economies, despite the fact that the Russian Federation had to deal with “much larger shocks.” On November 20, RIA Novosti calculated that Russia turned out in 45th place in the world in terms of annual inflation recorded in September. Its neighbors in the rating were Chile – also 13.7% and Mongolia – 13.8%. The highest inflation rate on the European continent was registered in Moldova – 34%. In second place is Ukraine with 24.6%, in third is Lithuania with 24.1%.

The Ministry of Economics earlier predicted inflation by the end of the year at 12.4%. A year earlier, this figure was 8.4%. It is assumed that in 2023 consumer price growth will be at the level of 5.5%, and in the future it will reach the target level of 4%. According to the results of this year, the country’s economy will contract by 2.9%, the Ministry of Economics expects, and in 2023 – already by 0.8%. In subsequent years, GDP growth is expected to be 2.6% per year.

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