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02/06/2014
13:56
Inflation in Russia projected at 0.8% in May

The inflation rate in Russia may reach 0.8% in May 2014, 3.9-4.0% since the start of the year, 7.4-7.5% for the 12-month period, according to the Ministry of Economic Development of the Russian Federation.

In May, consumer prices continued to grow fast. The headlong inflation rate for 26 days in May reached 0.8%. The ruble depreciation aftermath manifests itself with different time lags in different commodity markets, the Ministry emphasizes.

According to the Federal State Statistics Service, the average inflation rate in the Russian Federation was 0.3% from May 20 to 26, 0.8% since May 1, 4.1% since the start of the year (against 0.6% since the start of May, 3% since January 1 in 2013).

As estimated by the Ministry of Economic Development based on the data provided by Russia's Federal State Statistics Service, the inflation rate from May 20 to May 26 was 0.2%.

Last week, the price growth in the segment of food products slowed down to 0.2% from 0.3% the week before. For four weeks in May, prices went up by 0.9%, i.e. less than for four weeks in April (+1.2%). From January 1 to May 26, prices increased by 6.3% against 4.9% the year before, the ministry points out.

In the segment of food products excluding fruits and vegetables, prices grew slower than in April. In particular, the price growth rate was 0.9% for four weeks in May, 0.2% last week. Most of the food products went up in price slower than in April.

In the meat and poultry segment, the price growth accelerated compared with April, as agricultural producers' price growth sped up in the wake of new prices of imported goods. Pork saw the biggest price increase in May (by 9.3% for four weeks, the weekly growth rate slowing down to 1.9% last week). From January 1 to May 26, prices grew by 14.2% against a 4% decrease the year before.

Beef rose in price by 1% over the period from April 29 to May 26, by 0.3% last week. From January 1 to May 26, prices in this segment grew by 2.2% (against a 1% price drop the year before).

The poultry meat segment saw a significant price growth pickup in May (+3.7% for four weeks in May, +0.9% last week, +4.2% from January 1 to May 26, against a 5.9% price fall for the same months in 2013).

The sugar price growth has been slowing down since April in the wake of the chaning global market conditions. In particular, the prices went up 1.1% for four weeks of May, 0.4% last week. From January 1 to May 26, sugar rose in price by 13.2% against a 2.3% growth the year before.

Liquid milk advanced in price slower in May than in April (prices usually stay flat in May) as supply of crude milk increased. In particular, the prices increased by 0.5% for four weeks, by 0.1% last week, by 8.7% from January 1 to May 26 (+1.8% the year before).

White flour bread increased in price by 0.2% over the period from April 29 to May 26; last week, the prices decreased by 0.1%. At the same time, rye and mixed rye-wheat bread advanced in price faster in May (+0.5% for four weeks of May, 0.2% last week).

Vodka rose in price by 14.8% from January 1 to May 26, by 0.6% over the period from April 29 to May 26.

The gasoline price growth slowed down in May in the wake of a similar trend in global markets (+0.4% for four weeks, +0.1% last week). Since the start of the year, gasoline rose in price by 3% (against 1.6% the year before).

The state/municipal social housing rent rates grew by 1.2% last week, by 3.7% from January 1 to May 26 (by 0.6% the year before)

"AK&M", 02.06.2014

 

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