Russia Inflation Rate at 1-Year High of 3.1%

Russia’s annual inflation rate rose to 3.1 percent in August of 2018 from 2.5 percent in the previous month, slightly below market expectations of 3.2 percent. It was the highest inflation rate since August of 2017, mainly due to food prices.

Within the goods component, food cost advanced 1.9 percent in August, up from a 0.5 percent rise in July; and prices of non-food products rose by 3.8 percent, the same as in the previous month. Meanwhile, services inflation eased to 3.7 percent in August from 3.8 percent in July.

Annual core inflation rate picked up to 2.6 percent in July from 2.4 percent in the previous period. It was the highest rate since September last year.

On a monthly basis, consumer prices showed no growth, compared to a 0.3 percent gain in July and missing market expectations of a 0.1 percent increase. Prices advanced faster for non-food products (0.2 percent from 0.1 percent in July) while cost slowed for services (0.3 percent from 1.3 percent). Meanwhile, food prices declined 0.4 percent, following a 0.3 percent drop in July.

Russia Inflation Rate at 1-Year High of 3.1%

Federal State Statistics Service | Agna Gabriel |
9/5/2018 1:45:00 PM