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Russia’s statistics service reports zero inflation on Aug 30-Sept 5

September 07, 2011, 20:52 UTC+3
At the same time, in the period under review, the Statistics Service reported the biggest growth of average retail prices for eggs, which increased by 2.5 percent
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MOSCOW, September 7 (Itar-Tass) —— Russia’s inflation rate has amounted to 4.7 percent by September 5 since the beginning of the year, the Federal State Statistics Service said in a regular report on Wednesday.

The Statistics Service reported a zero inflation in the week from August 30 to September 5.

At the same time, in the period under review, the Statistics Service reported the biggest growth of average retail prices for eggs, which increased by 2.5 percent.

In the week from August 30 through September 5, average prices of lamb, beef, pasteurized milk, and various kinds of sausages grew by 0.3-0.5 percent, the statistics service said.

Besides, average prices of millet dropped by 3.6 percent, prices of buckwheat went down by 3.5 percent, while prices of granulated sugar decreased by 2.0 percent, the service reported.

In the reporting period, average prices of fruit and vegetables dropped by four percent, including potato prices – went down by 8.1 percent, prices of onions – by 5.7 percent, carrots prices – by 5.6 percent and cabbage prices shrank by 3.6 prices.

In the period from August 30 to September 5, average prices of gasoline and diesel fuel edged up by 0.2 percent, the Statistics Service said in its report.

The report was drafted on the basis of weekly monitoring of retail prices for 62 socially important goods and services, which the Federal State Statistics Service carried out in 271 Russian cities and towns.

Earlier in the day, Russian Deputy Economic Minister Andrei Klepach said that the ministry forecasted zero inflation in September 2011.

“I think that the indicator will be at about zero level or slightly more,” Deputy Minister of Economic Development Andrei Klepach told reporters on the sidelines of the International Political Forum in Yaroslavl.

The Federal State Statistics Service registered a deflation at the level of 0.2 percent in August, and 4.7 percent in the first eight months of the year.

In 2010, Russia consumer prices increased by 0.6 percent in August and by 5.4 percent in January-August against the background of the devastated drought, hot weather and wild fires, the service reaffirmed.

Under reports of the State Statistics Service, this year’s July inflation rate was at the zero level, which was below the Economic Development Ministry’s forecast (0.2 percent). In June, the indicator reached 0.2 percent.

According to the official forecasts, this year’s inflation is projected at the level of 6.5 percent to 7.5 percent. At the same time, the Economics Ministry’s updated forecast, which is now under the coordination at the federal ministries and agencies, envisages that the indicator will be between 6.5 percent and seven percent. Initially, this year’s inflation was projected at seven to eight percent.

Russia’s inflation rate increased by 8.8 percent in 2010.

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