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Year-on-year inflation in Russia at 6.5%

December 13, 2013, 15:52 UTC+3 MOSCOW
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MOSCOW, December 13. /ITAR-TASS/. Yearly growth of consumer prices gained pace in November and early December to 6.5% as of December 9, 2013, which is above the target range for this year, the Bank of Russia’s (CBR) press office reported.

The regulator cited the ongoing increase in prices for fruit and vegetables, untypical of this season, and foods of animal origin products as the main reasons for acceleration. Core inflation, that is inflation less short-term uneven price changes brought about by certain uneven administrative, news and seasonal factors, stood at 5.6% in November.

The CBR estimates the factors that accelerated price growth as short-term. The regulator predicts inflation will slow down again in the first half of 2014 and reach the target in the second half. The expected slow recovery of external demand and gradual revival of weak investment activity will drag on inflation dynamics.

A pin-point target for 2014 inflation is 5%. From now on, the CBR will give a pin-point forecast, not an expected inflation range. If some factors of influence emerge, the CBR will be able to vary the target by plus or minus 1.5 percentage points.

The key rate remained unchanged at 5.5%, the CBR board decided Friday.

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