Russia’s January inflation picks up to 5.2%, above c.bank target

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Russia’s January inflation picks up to 5.2%, above c.bank target MOSCOW, Feb 5 (Reuters) – Consumer inflation in Russiaaccelerated to 5.2% in January in year-on-year terms from 4.9%the previous month, the statistics service said on Friday, aweek ahead of the central bank’s first rate-setting meeting ofthe year.Higher inflation limits room for monetary easing needed torevive…

imageRussia’s January inflation picks up to 5.2%, above c.bank target MOSCOW, Feb 5 (Reuters) – Consumer inflation in Russiaaccelerated to 5.2% in January in year-on-year terms from 4.9%the previous month, the statistics service said on Friday, aweek ahead of the central bank’s first rate-setting meeting ofthe year.Higher inflation limits room for monetary easing needed torevive the economy, which has been hit by the COVID-19 pandemicand related lockdowns as well as globally lower prices forRussian exports such as oil.A rapid drop in the rouble boosted consumer inflation in2020 as it filtered down into prices, the central bank has said.It expects inflation to peak in February and slow from March.State statistics service Rosstat said it had revised theweight of goods in its inflation basket, mainly because foodconsumption has gone up during the pandemic, while expenditureon cars and tourism decreased.The share of food products increased by around 1.2%, whileservices and non-food items decreased by 1% and 0.2%respectively.

“With the end of the active phase of food price increases inNovember-December 2020, inflation expectations have also startedto stabilise,” Raiffeisen Bank analysts said.Month-on-month inflation stood at 0.7%, slipping from 0.8%in December.Despite inflation climbing well above the bank’s 4% target,the bank is expected to hold its key interest rate at a recordlow of 4.25%, where it has been since July.”Overall, for now it is logical to expect the central bankkey rate to remain unchanged,” said Dmitry Polevoy, head ofinvestment at Locko-Invest.Rosstat gave the following details: RUSSIAN CPI Jan 21 Dec 20 Jan 20 Mth/mth pct change +0.67 +0.83 +0.40 – food +1.01 +1.53 +0.69 Y/Y pct change +5.19 +4.91 +2.42 Core CPI y/y pct change +4.55 +4.21 +2.66 NOTE – For key Russian indicators click here.

(Reporting by Elena Fabrichnaya, Gabrielle Tétrault-Farber andAlexander Marrow; Editing by Maria Kiselyova and Susan Fenton) 2021-02-05 18:00:01
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