Weekly inflation in Russia remained at zero level

Moscow. September 20. INTERFAX.RU – Consumer prices in Russia for the week from September 12 to September 18 has not changed, said Wednesday Rosstat.

During the previous week inflation was zero, two consecutive weeks were recorded deflation of 0.1% and 0.2%, respectively. From 15 to 21 August, prices have not changed, and before that three weeks in a row also decreased by 0.1%.

Since the beginning of the month prices by 18 September decreased by 0.1% since the beginning of the year rose 1.7%.

The average deflation since the beginning of September in a 0.005% indicates that in the third week of September, prices still declined, though the minimum rate (for the first 11 days of September, the average reduction amounted to 0,008%).

Over the same period last September was observed, the average inflation rate for the same 0,005%. On the basis of average daily data, annual inflation at the end of August (3,29%), inflation in annual expression for September 18, has already dropped to 3.1% from 3.2% the previous week.

Over the past week reduction of prices for fruit and vegetables on average amounted to 1.6 percent (2.0 percent decline in the previous week), including potatoes, cabbage, onions and carrots – 2,7 – 4,6%, apples – by 1.9%. At the same time, cucumbers and tomatoes became more expensive by 2.1% and 1.6%, respectively.

The price of sugar for the week decreased by 2.1%, buckwheat – by 1.0%, sunflower oil – by 0.3%.

At the same time the eggs became more expensive by 0.8%, butter, milk, sour cream, rice and millet – by 0.2-0.3%.

Prices of gasoline and diesel fuel rose for the week by 0.1%.

The Ministry is waiting for inflation in Russia in September, in the range of 0-0,1% annual – 3,1-3,2%, said the report of Ministry “Picture of inflation.”

By the end of 2017, the economic development Ministry has lowered last week its inflation forecast to 3.2% from 3.7%.

CBR on Friday also lowered its inflation forecast for 2017, but only to 3.5-3.8%, which corresponds to the target, said the Chairman of the Bank of Russia Elvira Nabiullina at the briefing on the results of the Board of Directors at which the Central Bank lowered its key rate to 8.5% from 9%.

While Nabiullina noted that the Central Bank of the Russian Federation said the objective for inflation is “close to or around 4%”, and to establish a corridor of fluctuations in her plans.

“Inflation has reached 4%, and we would like to further Refine the description of the goal: our goal is inflation “close to, or around 4%”. Why close? Because it can fluctuate up and down, around 4%,” – said Nabiullina. Observed inflation fluctuations, the Central Bank does not consider as a deviation from the target.

“Stable inflation is close to 4%. Such price fluctuations caused by temporary factors, we believe small, they do not cause fear, and we do not consider them as deviation from the goal”, – said Nabiullina.