Weekly inflation in Russia peaks since early November

by time news

From November 16 to November 22, consumer prices in Russia rose by 0.2% for the first time since the beginning of November, follows from the materials of Rosstat. Thus, after a sharp slowdown, the rate of price growth continued to accelerate.

Since mid-September, weekly inflation in the country has not dropped below 0.2%. From October 26 to November 1, it amounted to 0.21%, and in the next observed period it sharply decreased – to 0.09%. This indicator has become the lowest since the second week of autumn.

However, then the rate of growth of prices began to grow again. They doubled last week on the back of a continuing slowdown in food inflation and a sharp rise in prices for non-food products – from 0.05% in the period from November 2 to 8 to 0.31%.

Over the past week, among foodstuffs, the most significant increase – by 1.1% – has been observed in the price of glazed sweets. Earlier, on November 22, it became known that confectioners warned retailers about an imminent increase in prices for their products due to the rise in prices for raw materials, packaging and fuel and lubricants.

If you look in the context, then white cabbage has risen in price by 2.75%, potatoes by 0.5%, apples by 0.36%, carrots by 0.12%. Onion prices remained unchanged, while tomatoes fell 2.15% and cucumbers – 1.83%.

The cost of eggs increased by 0.92%, sugar – by 0.69%, sunflower oil – by 0.34%. Overall, food inflation accelerated to 0.3% between November 16 and 22, after 0.19% in the previous week.

On the contrary, non-food inflation slowed down to 0.19%. Gasoline prices rose 0.24% after 0.26% a week earlier, diesel rose again by 1%.

Annual inflation by November 22 fell to 8.05% after 8.1% on November 15. However, this is still widowed above the central bank’s target of 4%. In general, since the beginning of 2021, consumer prices in Russia have increased by 7.02%.

According to the Central Bank’s forecast, by the end of 2021, inflation in Russia will amount to 7.4-7.9% and will return to the target only in the second half of 2022. The Ministry of Economic Development expects that the indicator will be at the level of 7.4%.

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