Weekly inflation in Russia accelerated to 0.28% between October 19-25, 2021, Rosstat reported. Thus, the growth of consumer prices is accelerating for the second week in a row: from October 12 to 18, inflation was 0.26%, from October 5 to 11, the growth rate of consumer prices slowed down to 0.22%.
From the beginning of October 2021, the growth in consumer prices amounted to 0.91%, from the beginning of the year – 6.28%. Annual inflation, according to the Ministry of Economic Development, accelerated to 7.97%. This is the highest value since February 2016, when this figure was 8.1%. A week earlier, annual inflation was 7.78%. Food products, according to the ministry, have risen in price by 0.55% over the week, since the beginning of October – by 2.01%, and in annual terms – by 10.58% (a week ago – 10.34%).
From 19 to 25 October, prices for vegetables continued to rise (+ 1.8%), according to Rosstat data. In particular, cucumbers rose in price by 11.4% over the week, tomatoes – by 7.2%, potatoes – by 2.3%. At the same time, the Ministry of Economic Development noted that the growth rate of prices for vegetables has slowed down – a week ago the figure was 2.28%.
At the same time, prices fell: apples – by 1.1%, onions – by 0.7%, white cabbage and carrots – by 0.1%.
Prices for chicken eggs increased on average in the country by 2.1%: in 57 regions, prices increased by 0.1-3%, and in 20 regions – prices increased by 3.1-11.1%. The Ministry of Economy notes a slowdown in the growth of prices for meat and poultry: 0.55% after 0.76% and 0.82% in the previous two weeks. Milk and dairy products rose in price by 0.33% after 0.54% a week earlier, sugar – by 0.59% after 0.81%.
Weekly non-food inflation also accelerated from 0.14% to 0.17% from October 19-25. “Deflation continues to have a restraining effect on building materials (-0.46% after -0.61%), as well as a slowdown in the growth of gasoline prices (0.14% after 0.33% a week earlier). In addition, the growth rates of prices for passenger cars decreased (+ 0.19% after + 0.3%). At the same time, prices for electrical and household appliances increased by + 0.20% after falling by -0.25% a week earlier, ”the Ministry of Economic Development said.
The segment of regulated and tourism services moved from deflation to growth: + 0.01% after -0.15% a week earlier.
On October 27, Kirill Tremasov, director of the monetary policy department of the Central Bank, said that inflation in Russia at the end of 2021 is moving towards the upper limit of the forecast of 7.4-7.9%.
In September, the Minister of Economic Development Maxim Reshetnikov stated that the main contribution to the acceleration of the growth rate of consumer prices is made by food inflation, caused primarily by the rise in prices for fruits and vegetables (15.17% y / y in September), associated with a significant lag in the rate of harvest. As a result, the Ministry of Economic Development and Trade downgraded the inflation forecast for 2021 from 5.8% to 7.4%. In turn, the Central Bank on October 22 worsened the inflation forecast from 5.7-6.2% to 7.4-7.9%.
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