Inflation in Russia reaches 12.9 per cent, highest since 2008 – statistics

(Interfax – December 31, 2015)

The inflation in Russia has reached its highest value since 2008, mounting to 12.9 per cent for 2015, the Russian Federal Service of State Statistics (Rosstat) reported, as cited by Russian privately-owned news agency Interfax on 31 December.

According to Rosstat, the preliminary calculations for December, which are based on data for a limited list of goods and services, show the inflation of 0.8 per cent, while the final result for December will be published on 12 January 2016.

At the same time, prices of foodstuffs rose by 1.2 per cent in December and by 14 per cent in 2015 in general, according to Rosstat. In 2014 foodstuffs’ prices soared by 15,4 per cent. As for the non-food products, their prices in December increased by 0.4 per cent and by 13.7 per cent in 2015 (the increase for 2014 was 8.1 per cent). The cost of services went up by 0.7 per cent in December and by 10.2 per cent in 2015 (10.5 per cent for 2014).

Higher inflation was recorde! d in Russia only in 2008, when it reached 13.3 per cent, Interfax reported. Inflation in Russia in 2014 was 11.4 per cent and in 2013 it was 6.5 per cent.

Still, the Central Bank of Russia expects that the inflation will decrease in 2016, reaching 7 per cent under the risk scenario of oil prices at 25 dollars per barrel. Russian Economic Development Ministry expects the inflation of 8.3 per cent under the conservative scenario of oil prices at 40 dollars.