Nabiullina called the final contribution of the Turkish embargo on inflation


Moscow. December 23. A ban on the import of goods from Turkey could make some contribution to inflation in recent weeks, but the CBR does not change its first assessment of the final impact of this factor on the price increase, said the Chairman of the Bank of Russia Elvira Nabiullina.

In the first two weeks after the announcement of the sanctions against Turkey’s inflation accelerated to 0.2% (before prices rose 0.1% per week), including due to the rise in price of fruits and vegetables. With the fastest rising prices for tomatoes, and this is the main article of Turkish imports. Part of the increase is due to seasonal factors, but it is noticeably higher than last year.

However, CB has no concerns that the final contribution of the Turkish factor will be higher named above of 0.2-0.4 percentage points (PP).

“In the growth of prices (during the first week of December) can be a small fraction of the impact of restrictions on Turkish goods, although fruits and vegetables we’ve been growing seasonal pictures. We estimate inflation due to measures against Turkey on such a level (of 0.2-0.4 p. p.), because the decision to ban imports of certain Turkish products made with a certain lag, this allows the importing of products to reconfigure its supplies”, – said Nabiullina in an interview.