Weekly inflation in Russia for the third time in a row was zero

Moscow. September 27. INTERFAX.RU – Consumer prices in Russia for the week from 19 to 25 September has not changed, said Wednesday Rosstat. In the past two weeks, 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 to 25 September fell by 0.1%, from the beginning of the year rose 1.7%.

The average deflation since the beginning of September to 0.003% indicates that in the fourth week of September, prices moved to growth, though minimal, gives rounding to zero (for the first 11 days of September, the average reduction amounted to 0,008% for 18 days – 0,005%).

Over the same period last September was observed, the average inflation rate is 0.008%. On the basis of average daily data, annual inflation at the end of August (3,29%), inflation in annual expression for September 25 has already decreased to 3% from 3.1% the previous week.

Fruits and vegetables continues to fall in price much faster than the same week last year – this time by 1.9% (1,6% a week ago) against only 0.2% in the week from 20 to 26 September 2016, Potatoes, cabbage, onions, carrots and apples fell to 2-3,6%, tomatoes became more expensive by 1.3%. In the first place, the dynamics of fruit and vegetable prices led to a record for all modern Russian history deflation in August (0.5 per cent).

For the last week eggs have risen by 1.6 percent, frozen fish, sunflower oil, milk, sour cream, tea, and millet – by 0.2-0.3%. At the same time prices for sugar decreased by 2.3%, buckwheat – by 0.6%.

Prices of gasoline and diesel fuel rose 0.1%. Inflation in September to be near zero, said Wednesday the head of the Ministry Maxim Oreshkin. “The trend at a fairly low rate of inflation, we just probably closer to the lower boundary will be near zero. There is even a small risk of deflation in September, is insignificant” – he said to journalists.

By the end of 2017, the economic development Ministry forecasts inflation at a rate of 3.2%, CBR – 3.5% to 3.8%. In September, the Bank of Russia lowered the key rate to 8.5% from 9%.