The consumer price index in Russia has not changed

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Rosstat has published information about the consumer price index from 2 to 8 June. Information is available on the Agency’s website.

During this period the consumer price index in Russia has not changed. In the three previous weeks the prices went up 0.1 percent in may 2020, 0.3 percent, and in five months 2020 to 2.4 percent. Over the year the consumer price index in Russia increased by 3 percent.

It is also noted that in June the growth rate of prices returned to last year’s figures.

The largest price increase for the week among food products has demonstrated buckwheat. On average, the product went up by 0.9 percent. A price increase of 3 percent or more was noted in six subjects of the Russian Federation, most noticeable in the Magadan region (4.7%) and Udmurtia (4.1 percent). In the Kaliningrad region cereals fell by 1.2 percent.

Assistant Professor, Department of Mathematical methods in Economics Plekhanov Russian University of Economics Nikita Moiseyev, to curb the growth of prices contributes to stabilization of the ruble and the strengthening of the dollar.

“In addition, significantly decreased in the period of the pandemic, economic activity and, as a consequence, falling real disposable incomes, coupled with the traditional increase in the supply of agricultural products in the season of harvest in August-September can run deflationary wave. The latest statistics for the first week of June (an increase in the consumer price index amounted to 0.0%) only confirm this statement. To support prices, says only one factor is pent-up demand for goods and services that were not available during the quarantine measures,” he said.

Moses also predicted the reduction of inflation to 1-2 percent in the next few months.

“The Central Bank is likely to continue to soften its monetary policy, gradually reducing interest rates in the 3-4 percent area. The government of the Russian Federation measures to support small and medium businesses, and individuals affected by the pandemic coronavirus must also support consumer demand, however, a quick recovery is expected,” — said the expert.

Video, photo All from Russia.

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