Inflation in Russia 0.36% in week Nov 19-25, annual figure quickened to 8.7%

MOSCOW. Nov 27 (Interfax) - Russia had 0.36% consumer price inflation for the week November 19-25, the State Statistics Service (Rosstat) said.

Inflation was 0.37% in the week November 12-18, 0.30% in the period November 6-11, a shorter week of six days due to the recent holiday, and 0.19% for the eight-day period October 29-November 5, a longer week than usual due to the state holiday.

Prices rose 1.15% in the first 25 days of November and 7.80% since the beginning of the year.

Year-to-date inflation is above the Russian Economic Development Ministry's official forecast of 7.3% for 2024 as a whole. The government can no longer officially revise its forecast, since next year's budget is based on it. In any case, social handouts are indexed according to actual inflation, not the forecast.

Inflation now has around 0.7 pp left to rise before it reaches the upper bound of the Central Bank's forecast of 8.0%-8.5% for the year, updated at the end of October. Inflation will exceed the upper bound of that forecast in two weeks if current trends persist.

It follows from data for the first 25 days of November this year and last that annual inflation in Russia quickened to 8.66% as of November 25 from 8.59% on November 18 - the Central Bank advocates this method to measure inflation. Annual inflation rose to 8.78% from 8.68% based on average daily data for the whole of November 2023 - the Economic Development Ministry calculates annual inflation this way. The estimates differ because weekly inflation fluctuated strongly in November 2023.

Fruit and vegetables grew 3.8% in price last week and 4.1% in the previous period. They grew in the past week for cucumbers - 10.6%, tomatoes - 5.8%, cabbage - 3.7%, onions -3.2%, potatoes -2.7%, beetroot - 2.3%, bananas - 1.4%, apples -1.1% and carrots - 1.0%.

Prices rose significantly in the past week for butter, sour cream and chicken eggs - 1.1%, pasteurized milk - 0.9%, curd cheese and sterilized milk - 0.8%, frozen fish, sunflower oil, cheeses - 0.7% and wheat bread and salt - 0.5%.

Gasoline went up 0.5% and diesel 0.4% in the past week.

Economy class air fares rose 1.8% after growing 3.1% the previous week.