Russia’s Annual Inflation Rate Accelerates to 7.4% in May

Russia´s consumer prices quickened to 7.4 percent in May from 7.2 percent registered in the previous month, the fastest pace since August of 2011. The increase was driven mostly by rises in the cost of services and food. On the month-over-month basis, inflation rate went up by 0.7 percent after rising 0.5 percent in the previous period.

In May, food prices increased by 9.2 percent, with cost of fruits and vegetables growing the most.  Beets, potatoes, cabbage and fresh onions prices increased by 1.2-1.3 percent, lemons and carrots by 11.5-11.4 percent. On the other hand, prices for cucumbers decreased by 15.8 percent, tomatoes by 12 percent, bananas by 2.1 percent and garlic by 0.8 percent.

The average cost of a minimum food basket in Russia at the end of May 2013 amounted to 2,878 rubles per month. This represents a monthly increase of 3.8 percent.

Among non-food items, the biggest increases were registered for alcoholic beverages and tobacco products (19.9 percent); Housing, water, electricity gas and other fuels (9 percent); Health (7.8 percent); Education (12.4 percent) and Hotels, cafes and restaurants (6.7 percent). The overall prices of services increased by 8.3 percent.

Russia’s Annual Inflation Rate Accelerates to 7.4% in May

GSK | Duarte Ricardo |
6/4/2013 2:38:25 PM