Inflation in Russia in November was 0.8%

Moscow. December 4. Inflation in Russia in November 2015 rose by 0.8%, after 0.7% in October and 1.3% in November 2014, said on Friday Rosstat.

The inflation rate in November slightly exceeded analysts ‘ expectations. The consensus forecast of economists polled by Interfax at the end of November, amounted to 0.7%.

As a result, in annual terms inflation in Russia in November decreased significantly to 15% from 15.6% in October, 15.7% in September and 15.8% in August. In July, the annual inflation rate equaled to 15.6% in June to 15.3% in may to 15.8% in April – 16,4%, in March to 16.9% in February to 16.7 per cent in January to 15%.

As reported, in September the inflation amounted to 0.6%, in August – 0,4% (the effect of devaluation), in July and 0.8% (due to indexation of tariffs from 1 July), in June and 0.2% in may to 0.4% in April to 0.5% in March to 1.2% in February -2,2% in January and 3.9%.

In January-November consumer prices rose by 12.1% (in January-November 2014 – 8.5%), which practically coincides with the official government forecast for the entire 2015 (12.2 per cent).

The Ministry, however, has stated that the forecast may be exceeded, and inflation will be around 12,7-12,8%. Analysts polled by Interfax at the end of November, predicted inflation by the end of this year at 12.7%.

The base consumer price index excluding changes of the prices for separate goods subject to influence of factors which carry administrative, and also seasonal nature, in November amounted to 100.6% (in November 2014 – 101,0%), yoy – USD 115.9% (108,4%).

Food products in November increased by 1.2%, and without fruit and vegetable products – by 0.7%. Non-food items in November have risen by 0.7%. Tariffs for services in November increased by 0.2%.

In November there was a marked increase in fruit and vegetable products (by 5.6 percent). Cucumbers and tomatoes became more expensive by 1.7 times and 1.3 times, respectively, cabbage – by 9.9%. However, 6.3% of the lemons fell, by 3.4% carrot, 1.2 to 1.9% – beets, apples and pears.

Bread in November rose 0.7%, sunflower oil – by 1.8%, eggs – by 5.5%.

On the other hand sugar prices dropped by 2.3%, pork prices decreased by 0.8%, mutton, chicken, millet – on 0,1-0,6%. Petrol prices in November fell by 0.1%.

The cost of the minimum set of food products per month on average in Russia at the end of November 2015 $ 3 547,2 thousand ruble and compared with the previous month increased by 0.9% (from the beginning of the year – 6.9%).

As reported, the Central Bank in September raised its forecast for inflation for 2015 to 12-13%. The Ministry of Finance and the Ministry of economic development back in October, expected inflation for the year at 12.2%, then the representatives of the agencies stated that inflation will exceed this figure, but will be within 13%. The consensus forecast prepared by Interfax at the end of November, is 12.7%.

The consensus inflation forecast for 2016 is equal to 7.2%, higher than the official expectations of the government (6,4%).