MOSCOW. Aug 2 (Interfax) – Trying to use internal instruments to curb inflation caused by a temporary wave of global demand is counterproductive and comes at a “high price” for the economy, Kremlin aide Maxim Oreshkin said. “This wave of demand is now passing over the entire global economy, affecting every economy. On one hand, it makes it possible to […]
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Surging inflation is not a temporary trend and poses a serious threat to Russia’s economic recovery, Central Bank chief Elvira Nabiullina has warned […]
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“… The Bank of Russia raised its main rate to 5% from 4.5% …. [saying] it expected inflation to be higher than previously anticipated, citing a rebound in demand as Russia’s Covid-19 vaccination program progressed. … The central bank signaled concern about other developments …. follow[ing] [U.S. sanctions] bar[ring] U.S. banks and institutional investors from buying new Russian government ruble-denominated […]
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“… [Russia’s] central bank expects the economy to return to pre-crisis levels before the end of [2021] … central bank [governor] Elvira Nabiullina, said … after a surprise 25-basis-point rate increase, brought about by rising inflation and geopolitical risks. … [The government’s] Rosstat[] said … real wages … rose 0.1% year-on-year in January. … Economic growth and … recovery in […]
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“Russians consider rising prices the main problem facing their society, according to survey data from the independent Levada Center shared with Meduza. This opinion was held by 58 percent of survey respondents. … Those surveyed also named poverty (40 percent), corruption (39 percent), and rising unemployment (36 percent) as important issues. … Bloomberg listed Russia among ‘five hotspots’ where rising […]
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… acceleration of inflation in Russia in recent months was a temporary occurrence brought about mainly by a weakening ruble; consumer price growth will be below target from now on and the Central Bank should lower its key rate in the coming months, the … IMF[] said […]
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(Moscow Times – themoscowtimes.com – Evan Gershkovich – Jan. 22, 2019) [themoscowtimes.com/articles/as-russias-food-prices-soar-bakers-are-feeling-the-squeeze-64225] Vladimir Anshakov hadn’t planned on becoming a baker. But when the law school graduate was between jobs several years ago, he was spending more time at home with his teething toddler who had a penchant for gnawing on bread crusts. After the new father checked the ingredients, his […]
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“Russian inflation is in focus for 2019 as prices began to rise at the end of 2018 and ended the year slightly above the Central Bank of Russia (CBR) target rate of 4%. … the World Bank says that inflation will remain low this year and growth will be 1.5%, the same as in 2018 …. The U.S. government has […]
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(Moscow Times – themoscowtimes.com – January 3, 2019) Russians saw virtually no change in their purchasing power as prices outpaced growth estimates in 2018, the country’s chief auditor has said. Economists say 2018 was the fifth consecutive year of falling real disposable personal incomes in Russia. They are set to drop again this year. “Citizens’ real incomes increased by decimal […]
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“The mood among Russian consumers is souring just as inflation increasingly eats into their purchasing power. Faster price growth and an unsteady ruble are hurting household finances, contributing last quarter to the biggest plunge in consumer confidence since 2015. … mirror[ing] a broader loss of momentum in the economy … slow to rebound despite higher oil prices. … Fed up […]
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“… [poll numbers indicate that] Russians are concerned about rising prices (72%), poverty (52%), and unemployment (48%). … the highest August figures since 2013. … a Bank of Russia survey finds … ordinary Russians are expecting higher inflation …. lean years have rendered adventures abroad relatively less important to Russians. … inflationary expectations raise the specter of a key rate […]
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“The cost of money is rising for Russians well ahead of any potential central bank move to lift interest rates for the first time in almost four years amid concern the U.S. may impose fresh sanctions. State-run Sberbank PJSC, which holds almost half of all Russian savings, is increasing rates for ruble accounts for the first time since 2014. It […]
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(Moscow Times – themoscowtimes.com – August 27, 2018) The cost of money is rising for Russians well ahead of any potential central bank move to lift interest rates for the first time in almost four years amid concern the U.S. may impose fresh sanctions. State-run Sberbank PJSC, which holds almost half of all Russian savings, is increasing rates for ruble […]
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“The sanctions[-]based assault on Russia by the U.S. and its expanding sanctions regime is starting to take its toll as the Russian government and financial authorities [are scrambling] to manage the damage … affecting everything from corporate profits to foreign currency reserves. Earlier this month … The Central Bank of Russia (CBR) said it will stop its regular foreign currency purchases […]
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(Moscow Times – themoscowtimes.com – April 24, 2018) Rising prices remain the primary concern among Russians polled by the independent Levada Center, followed by poverty and unemployment. While Russia’s economy grew 1.5 percent last year after two years of recession, it fell short of a government target of 2 percent. In March, one month before U.S. sanctions were imposed, real […]
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MOSCOW. Aug 31 (Interfax) – Price rise still tops the list of social problems in the eyes of Russians, although its topically has declined over recent years, from 78% in 2015 to 61% now, Levada Analytical Center told Interfax. The other two of the top three problems are poverty and massive destitution (45%), and growing unemployment, corruption and bribery (33%). […]
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MOSCOW. Aug 23 (Interfax) – Russian consumer prices were unchanged in the week of August 15-21, the Federal State Statistics Service (Rosstat) said. Russia had 0.1% deflation the previous three weeks as prices fell for the first time since early August 2016. Inflation was much lower than expected at 0.1% in July despite weekly inflation for the month being 0.3%. […]
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ST. PETERSBURG. July 13 (Interfax) – Government policy regarding the development of infrastructure, logistics and competition on food markets, as well as tariff regulation could help to reduce the volatility of prices and lower inflation expectations, Central Bank chief Elvira Nabiullina said at the International Financial Congress. “We need to fight not only with the consequences of shocks for inflation, […]
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(©2017 RFE/RL, Inc. Article also appeared at rferl.org/a/russia-imf-ecomomy-recession/28498056.html – May 19, 2017) The International Monetary Fund said Russia’s economy will rebound this year after a two-year recession and inflation should slow to the central bank’s target amid diminished short-term risks from volatile oil prices and financial markets. Russia’s economy should expand 1.4 percent this year, the Washington-based IMF said on May […]
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(Kremlin.ru – March 16, 2017) Vladimir Putin addressed a plenary session of the Congress of the Russian Union of Industrialists and Entrepreneurs. The congress is being held as part of the X Russian Business Week (RBW) on March 13-17, hosted by the Russian Union of Industrialists and Entrepreneurs. The RBW participants coordinate proposals on key areas of interaction between the […]
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“Russia’s consumer price inflation … dropped below 5% for the first time since the fall of the Soviet Union more than a quarter of a century ago. Inflation was 4.6% y/y in February, according to Rosstat, down from 5% in January and in line with the Bloomberg consensus for the month. …”
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The Russian economy will be on the positive side of growth even if the price of crude oil falls to $40 per barrel … [Central Bank Gov. Elvira Nabiullina] said. … The number of economic sectors expected to expand this year is not much greater than those in contraction, but losers are outnumbered. Much … depends on the price of […]
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(Moscow Times – themoscowtimes.com – January 4, 2017) The British finance journal The Banker has named Russian Central Bank Head Elvira Nabiullina as the European Central Bank Chairman of the year. The journal highlighted Nabiullina’s success in controlling Russia’s inflation rate. “The efforts of the Central Bank head has led to the fact that the rate of inflation by the […]
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(Bloomberg – bloomberg.com – Andrey Biryukov – October 19, 2016) The Bank of Russia is discovering yet another downside to how little is left of the country’s middle class. The central bank has warned that its ability to steer inflation is at risk from growing wealth inequality and the disappearance of the middle-income households that are the most sensitive to […]
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… Medvedev expects modest growth in the economy early 2017 …. The Russian economy has struggled following the introduction of international sanctions against Moscow in 2014 over its role in the Ukraine crisis. … According to a Reuters poll, Russian inflation will fall to just over 6 percent by the end of the year as monetary policy is kept tight, […]
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(Bloomberg – bloomberg.com – Anna Andrianova, Andre Tartar – July 5, 2016) Helping your president win elections doesn’t have to compromise a central bank’s independence, at least not in Russia. Monetary policy is aligning with politics before Vladimir Putin’s biggest test at the ballot box since he returned to the presidency in 2012. By claiming the upper hand in the […]
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(Bloomberg – bloomberg.com – Anna Andrianova – April 17, 2016) It was by no means the showstopper of President Vladimir Putin’s annual call-in with Russians, complete as it was with digs at the U.S. and justice dispensed on live television. Two days after Bank of Russia Governor Elvira Nabiullina urged reforms and warned against the “big illusion” of using inflation […]
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(Bloomberg – bloomberg.com – Anna Andrianova – April 5, 2016) Russian inflation decelerated to the slowest pace in almost two years as withering consumer demand continues to weigh on prices and stronger oil propels a rally in the ruble. Consumer-price growth eased to 7.3 percent from a year earlier in March, compared with 8.1 percent in February, the Federal Statistics […]
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MOSCOW. Feb 5 (Interfax) – Russia had 1% inflation in January 2016, compared with 0.8% in both December and November 2015, the Federal State Statistics Service (Rosstat) said. Analysts told Interfax in a consensus forecast at the end of January that they thought inflation for the month would be 1%. Inflation soared to 3.9% in January 2015 – the highest […]
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Combining inflation and unemployment, Russia is among the world’s unhappiest economies (Bloomberg – bloomberg.com – Elena Popina – February 4, 2016) [Charts here bloomberg.com/news/articles/2016-02-04/can-russia-be-more-miserable-judging-by-oil-the-answer-is-yes] The sinking price of crude has Russia hostage over a barrel of oil. For an inkling of how unhappy everyday Russians have gotten as Brent crude heads further south, take a look at the Misery Index […]
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(Moscow Times – themoscowtimes.com – February 2, 2016) The number of Russians that consider high inflation one of the country’s biggest problems increased sharply in January, a survey by state-run pollster VTsIOM revealed Tuesday. Twelve percent of Russians were concerned about rising prices in December, but in January that number jumped to 20 percent, according to the poll. Other problems […]
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(Interfax – February 2, 2016) The economy, inflation, and low living standards have been viewed by the public as the top three most pressing problems in Russia, for the past six months, the Russian Public Opinion Study Center (VTsIOM) has said. The economy was the number one problem in the January rating. Concerns about economic affairs started growing in November […]
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(Moscow Times – themoscowtimes.com – January 26, 2016) As Russia’s inflation reached double-digits last year, Russians saw their real wages decline by 9.5 percent compared to 2014, data published by the Rosstat state statistics service showed Monday. In December 2015, real wages of Russians dropped 10 percent when compared to the same month in 2014, according to Rosstat data. The […]
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(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 […]
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The Wall Street Journal covers Russia’s response to Turkey’s shoot-down of a Russian military jet. Russia has reacted with fury to the incident and vowed to retaliate by clamping down on trade and business ties. … Turkish President … Erdogan dismissed Mr. Putin’s demands that Ankara apologize or offer compensation …. Turkey has provided evidence that it gave repeated warnings […]
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MOSCOW. Oct 21 (Interfax) – The Russian authorities know how to take inflation under control; by the end of 2015 it will reach planned levels, Russian First Deputy Prime Minister Igor Shuvalov said at the State Duma on Wednesday. “I can say that in terms of growth rates and inflation – which concerned us most of all within the macro […]
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(Bloomberg – bloomberg.com – Evgenia Pismennaya, Ilya Arkhipov – August 12, 2015) In his first stint as a top Russian central bank official in the early 1990s, Dmitry Tulin saw how flooding cheap credit to dying industrial giants delivered hyperinflation instead of growth. Now back as the bank’s monetary chief, Tulin, 59, has argued internally for easier credit and more […]
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(Moscow Times – themoscowtimes.com – Anastasia Bazenkova – August 3, 2015) After a year of skyrocketing food prices that have forced many Russians to spend less on what they eat, the cost of many categories of food has finally begun to stabilize or fall, official data show. Food price inflation has been one of the harshest consequences for ordinary Russians […]
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MOSCOW. July 7 (Interfax) – Russia is must likely to have 10.5% inflation for this year, Economic Development Minister Alexei Ulyukayev said. “Our official forecast is 11.9%. We won’t be changing it before we submit our adjusted forecast to the government. Officially it will remain such until September. But right now we see the most likely dynamic as falling to […]
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MOSCOW. June 8 (Interfax) – The Central Bank of Russia is expecting a reduction of inflation and noted that its peak has already passed, although risks exist for it, Central Bank Governor Elvira Nabiullina said. “Weekly inflation has remained at 0.1% for six weeks already. According to our estimate, we have passed the peak of inflation, we are forecasting its […]
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(Moscow Times – themoscowtimes.com – June 5, 2015) Russian inflation slowed in May for the second month and the price of key foodstuffs began to fall, official data showed, signaling that the worst of a painful inflation spike may have passed. Consumer prices were 15.8 percent higher in May than in the same month a year earlier, down from the […]
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Russia had its most severe year-over-year monthly inflation in 13 years in March, the result of a plunge in crude oil prices, a devalued ruble and the Kremlin’s ban on an array of Western food imports imposed in retaliation for sanctions over Ukraine. Overall, inflation climbed to 16.9% compared with a year earlier, according to the state statistics service, pinching […]
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(Moscow Times – themoscowtimes.com – Howard Amos – April 27, 2015) The cost of a cabbage in Russia has almost tripled in less than six months. The Russian staple – and a key ingredient in traditional dishes such as the famous shchi soup – leads the field among foods suffering from inflation because of huge ruble devaluation in 2014 and […]
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(Moscow Times – themoscowtimes.com – Delphine d’Amora – April 21, 2015) The ruble’s rapid recovery in recent weeks has seen prices on some foods fall, easing months of spiraling inflation and softening one of the most widely felt blows of Russia’s economic crisis. All major retailers contacted by The Moscow Times last week said that the ruble’s rebound of some […]
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MOSCOW. April 15 (Interfax) – Moody’s Investors Service expects Russian inflation to peak at 17%-18% in the second quarter of 2015 and to drop below 10% by mid-2016 as the impact of the ruble’s depreciation fades, Moody’s said in a report on Russia’s banking sector in 2015. “Therefore Central Bank of Russia (CBR) is likely to loosen monetary policy on […]
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MOSCOW. April 6 (Interfax) – Inflation in Russia slowed to 1.2% in March from 2.2% in February, 3.9% in January and 2.6% in December, the Federal State Statistics Service (Rosstat) said. This was slightly above the 1.1% that analysts predicted in a consensus forecast for Interfax. It was also higher than the 1% that Rosstat itself estimated, although that was […]
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(Moscow Times – themoscowtimes.com – March 17, 2015) Inflation is the biggest concern for Russians with 82 percent of the population picking it as the most pressing issue facing the country, according to a poll published by the independent Levada Center on Monday. The figure is up from 71 percent in August, and from 69 percent this time last year. […]
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