MOSCOW (Reuters) – Russia’s inflation has reached 9.5% this year. This comes from new weekly data showing that the consumer price index rose 0.33% in the week ended December 23, statistics agency Rosstat reported on Wednesday.
This data follows the central bank’s unexpected decision last week to keep its key interest rate at 21%. The regulator said the latest tightening had created conditions conducive to lowering inflation towards its 4% target.
The agency said seasonally fluctuating fruit and vegetable prices contributed significantly to the overall increase, with cucumber prices rising 8.3% and tomato prices rising 1.9% in just a week.
Among less seasonal foods, prices for eggs rose by 1.7% and frozen fish by 1.4%. The central bank initially estimated this year’s inflation at a maximum of 8.5%.
The head of the central bank’s monetary policy department, Andrei Gangan, told the Interfax news agency on December 24 that inflation for the full year would be between 9.6% and 9.8%.
Household inflation expectations for the coming year also reached 13.9% in December, the highest level since the beginning of the year.
In a report on its inflation expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat and fish.
In addition, respondents had started to notice rising prices for household appliances and electronic devices.
