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Economic Development Ministry forecasts 1 pct inflation in July

July 03, 2013, 18:25 UTC+3

“The reason is tariffs are to go up in July,” Andrei Klepach said

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BLAGOVESHCHENSK, July 3 (Itar-Tass) - Russia’s Economic Development Ministry forecast that July inflation may reach one percent.

“We expect about one percent,” Deputy Economic Development Minister Andrei Klepach told the media on Wednesday. “The reason is tariffs are to go up in July.”

According to the federal statistics service Rosstat, Russia’s inflation on July 1, 2013 stood at 3.8 percent. The consumer price index in Russia is growing at last year’s pace, when the annualized rate reached 6.6 percent. The 2013 forecast is based on 5-6 percent inflation.

In June 25 - July 1, 2013 consumer prices went up 0.4 percent, since the beginning of July, by 0.3 percent and since January 1, by 3.8 percent. The 2012 inflation from the beginning of July was 0.5 percent, from the beginning of the year, 3.8 percent and in July 1.2 percent.

In the reviewed period electricity prices showed the greatest growth due to the rise in tariffs as of July 1. It went up by 7.6 percent. The prices of some housing and utility services grew by 2.2-3.5 percent.



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