Inflation in Russia in 2015 has reached a maximum since 2008 12,9%

Moscow. December 31. Inflation in the Russian Federation in December 2015, according to preliminary data, rose by 0.8%, after also 0.8% in November and 0.7% in October, said on Thursday Rosstat.

In December of 2014 inflation amid sharp devaluation of the ruble clocked up a record at that time for the 10-year average 2.6% (then this record was more than offset by the in January 2015 and 3.9%).

Inflation in December of 2015 was slightly below analyst expectations. The consensus forecast of economists polled by Interfax at the end of December, was equal to 0.9%.

Overall, in 2015 inflation in Russia amounted to 12.9% compared to 11.4% in 2014, 6.5% in 2013, 6.6% in 2012, 6.1% in 2011 and 8.8% in 2010 and 2009. A higher rate was last recorded in 2008 (when inflation was 13.3%).

Rosstat notes that preliminary data on inflation in December, based on weekly values monitoring, which is calculated at a narrower basket of goods and services (64 names) than monthly data. Final data on the consumer price index in December of 2015, obtained on the basis of monthly registration of prices for the full list of goods and services (506 species) will be provided by January 12, 2016.

According to Rosstat, food products in December 2015 rose by 1.2% overall for the year 2015 – 14% (15.4% in 2014). The growth of prices of manufactured goods in December was 0.4%, and for the year of 13.7% (8.1% in 2014). Services in December rose by an average of 0.7% and in 2015 – at 10,2% (10,5% in 2014).

In 2016, according to economists, inflation in Russia considerably reduced to 7.6% (according to the consensus forecast, prepared in late December).

The CBR in mid-December forecast inflation in 2016 in the baseline scenario in the range of 5.5 to 6.5% when the price of oil at $50 per barrel and inflation at 7% in risky scenarios at the price of $35 per barrel.

The Ministry of economic development in the baseline scenario with $50 per barrel in 2016 and expects inflation at 6.4% in the conservative scenario at $40 per barrel – at the level of 8.3%.