Weekly inflation in Russia has updated the maximum since November

by time news

Consumer prices in Russia from February 19 to February 25 rose by 0.45% compared to the previous week, follows from the materials of Rosstat. This is the highest since November last year. A higher rate was recorded only in the period from November 23 to November 29, 2021 – 0.46%. Then Rosstat explained that this happened against the backdrop of a sharp rise in the price of tourist trips to Turkey.

Since the beginning of the year, prices have increased by 1.99% after 1.46% in the same period in 2022. In February, goods and services rose by 0.99%, which is more than for the entire same month in 2021 – then the indicator was 0 .78%.

Such dynamics was recorded against the backdrop of a sharp increase in the cost of household appliances, which were falling in price a week ago. So, from February 12 to February 18, the cost of floor vacuum cleaners decreased by 0.73%, smartphones – by 0.27%, TVs – by 0.21%. From February 19 to February 25, these goods rose in price by 4.12%, 3.82% and 4.08%, respectively.

In addition, Rosstat recorded an increase in the cost of medicines. For example, Corvalol, Validol and Allohol went up by 0.66%. A week earlier, the price of Corvalol increased by 0.4%, while the other two drugs fell in price by 0.16% and 0.04%, respectively.

Among the foodstuffs, the prices of vegetables increased most noticeably. The price of bananas increased the most — by 2.8%, as well as tomatoes and white cabbage — by 2.76% and 2.02%, respectively. A week earlier, these figures were 2.2%, 2% and 2.61% respectively. At the same time, none of the vegetables fell in price in the period from February 19 to 25. Earlier, the cost of potatoes decreased by 0.06%. Last week it rose by 0.27%. On average, the cost of fruits and vegetables increased by 1.2%, as in the previous week.

Rosstat also recorded an increase in the growth rate of prices for pasta – from 0.18% in the period from February 12 to 18 to 0.34%, as well as for chicken eggs – from 0.18% to 0.3%, glazed sweets – from 0 .87% to 1.09%. Wheat flour, which previously fell in price by 0.12%, rose in price by 0.18% last week.

Gasoline prices remained unchanged over the week, while diesel rose 0.3%. Previously, the first rose in price by 0.1%, the second – by 0.2%.

According to Rosstat, annual inflation hit a six-year high in January, accelerating to 8.73% against the Central Bank’s target of 4%. Earlier, the regulator expected that the growth rate of consumer prices in Russia would start to slow down by the end of the first quarter of this year. Central Bank Chairman Elvira Nabiullina noted that it would not be possible to return the indicator to the target in 2022, since then a “shock” increase in the key rate would have to be undertaken, and this, in turn, threatens economic growth and financial stability.

However, now the situation has changed against the backdrop of sanctions that Western countries have imposed on Russia for a special operation in Ukraine. On February 28, the Central Bank raised the key rate from 9.5% to the highest ever 20% per annum. The regulator explained that such a move would raise deposit rates to the levels necessary to compensate for the increased devaluation and inflation risks. The Central Bank believes that the measure will also support financial and price stability in the country and protect citizens’ savings from depreciation.

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