Annual inflation in Russia for the first time in a year fell below 10%

Since the beginning of January consumer prices in Russia, according to Rosstat, grew by about 0.9%, while last year the growth rate for January was 3.9%. Given the fact that by the end of 2015 inflation was 12.9%, so that by the end of January 2016 inflation in annual terms for the first time in more than a year fell below the psychologically important mark of 10%.

Earlier the Minister of economic development Alexey Ulyukayev at the meeting with Russian President Vladimir Putin gave a forecast that by the end of January 2016, annual inflation will be about 10%.

For the week 26 January-1 February 2016, the prices in Russia, according to the Federal state statistics service, increased by 0.2%.

Some products went up much stronger. For example, the price of sugar and the cabbage over the past week increased by 1.2%, carrot prices — by 1.1%, while prices for apples — just 1.7%.

At the same time, some products became cheaper: rice, beef and buckwheat — 0.1%, pork and chicken — by 0.2%, eggs — by 0.3%, cucumbers — by 0.9%.

According to the results of 2015 inflation in Russia was higher than in most other countries, taken into account by the Rosstat at the time of reporting. More than in Russia, where inflation last year was 12.9%, consumer prices rose only in Ukraine (43.3%) and Kazakhstan (13.6%).

According to the forecast of Ministry of economic development, by the end of 2016 inflation will be 8.5%.

In late January the Central Bank decided not to change its key interest rate, citing the increased risk of inflation acceleration.