Weekly inflation in Russia accelerated to 0.19%

Consumer prices in Russia in the week from November 22 to 28 rose by 0.19% after 0.11% a week earlier, follows from Rosstat data.

Since the beginning of November, inflation has amounted to 0.37%, and since the beginning of the year – 11.07%.

In the food segment, prices increased for frozen fish (0.5%), sausages, sterilized milk, chicken eggs (0.4%), and pork (0.3%). At the same time, granulated sugar (1.1%), buckwheat (0.8%), sunflower oil (0.5%) fell in price the most.

The increase in prices for fruits and vegetables averaged 2.9%, including cucumbers (12.1%), table beets (2.5%), carrots (2%), tomatoes and onions (1.6%) , potatoes (0.9%), bananas (0.8%).

In the group of monitored medicines, prices for multivitamins and rengalin (0.5%), combined analgesics and corvalol (0.3%), validol and ergoferon (0.2%), levomekol and allochol (0.1%) increased.

In annual terms, inflation continued to slow down – to 12.04% on November 28, follows from the review of the Ministry of Economic Development “On the current price situation.”

The Ministry of Economics notes that in the segment of food products, the price increase increased over the week and amounted to 0.21% due to an increase in the growth rate of prices for fruits and vegetables (2.85%). At the same time, deflation continued for food products, with the exception of fruits and vegetables (-0.09%). “In the sector of non-food products, price growth slowed down to 0.05% with an acceleration in the decline in prices for electrical and household appliances, as well as building materials. For tourism and regulated services, price growth accelerated (0.54%) due to an increase in air ticket prices,” the review notes.

On November 15, Central Bank Chairman Elvira Nabiullina said that inflation in Russia now does not differ much from the rate of price growth in comparable economies, despite the fact that the Russian Federation had to deal with “much larger shocks.”

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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