Inflation in Russia in October amounted to 0.7%

Moscow. On 5 November. Inflation in Russia in October 2015 amounted to 0.7% after 0.6% in September and 0.8% in October 2014, said on Thursday Rosstat.

Inflation in October has coincided with expectations of analysts. The consensus forecast of economists on inflation for October, prepared by “Interfax”, was also up 0.7%.

As a result, in annual terms inflation in October fell slightly to 15.6% from 15.7% in September to 15.8% in August. In July, the annual inflation rate equaled to 15.6% in June to 15.3% in may to 15.8% in April – 16,4%, in March to 16.9% in February to 16.7 per cent in January to 15%.

As reported, in August, inflation amounted to 0.4% (effect of devaluation), in July and 0.8% (due to indexation of tariffs from 1 July), in June and 0.2% in may to 0.4% in April to 0.5% in March to 1.2% in February -2,2% in January and 3.9%.

In January-October, consumer prices rose by 11.2% (in January-October 2014 year – on 7,1%) and that inflation for the year was kept at 12.2% (specified basic variant of the forecast the Ministry of economic development), the growth of prices in the remaining two months should not on average exceed 0.5% in the month, which looks unlikely for the latter months of the year.

Inflation is likely to exceed the government’s forecast at 12.2%, but still can be placed in the topside of the interval, defined by the Central Bank – 13%. Analysts polled by Interfax at the end of October, forecast inflation for this year at 12.6%.

The base consumer price index excluding changes of the prices for separate goods subject to influence of factors which carry administrative, and also seasonal nature, in October amounted to 100.7% (in October of 2014 100,8%), yoy – 116,4% (108,4%).

Food products in October 2015 rose by 1.0%, and without fruit and vegetable products – by 0.8%. Non-food items in November have risen by 1.0%. Tariffs for services in October fell 0.1%.

In October there was a marked increase in fruit and vegetable products (by 2.9 percent). Cucumbers and tomatoes became more expensive by 1.6 times and 1.4 times, respectively, banana – 9.5%, fruits – by 3.7%, oranges – by 3.0%. However, 10.7 per cent cheaper carrots, 8.6% – lemons, 3.6-4.9 per cent – potatoes, beets, cabbage and apples.

Bread in October rose by 0.6%, cereals – by 1.3%, sunflower oil – by 5,2%, eggs – by 10.6%.

On the other hand sugar prices dropped by 2.4%, pork prices decreased by 0.8%, mutton – by 0.2%.

The cost of a conventional (minimal) set of food products per month on average in Russia at the end of October 2015 amounted to 3 516,5 thousand ruble and compared with the previous month, the average has not changed (since the beginning of the year increased by 6.0%).

The price of gasoline in October grew by 0.3%.