Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Russian 2021 inflation accelerates to 8.39%, preliminary data shows

Published 29/12/2021, 16:04
Updated 29/12/2021, 16:05
© Reuters. FILE PHOTO: A vendor hands over Russian rouble banknotes to a customer at a street market in Omsk, Russia March 31, 2021. REUTERS/Alexey Malgavko

© Reuters. FILE PHOTO: A vendor hands over Russian rouble banknotes to a customer at a street market in Omsk, Russia March 31, 2021. REUTERS/Alexey Malgavko

MOSCOW (Reuters) - Consumer inflation in Russia accelerated to 8.39% in 2021 despite seven interest rate hikes by the central bank, up from 4.91% in 2020, preliminary data from the statistics service Rosstat showed on Wednesday.

Inflation, which is hovering near its highest levels since early 2016, has become an acute problem for Russia, denting living standards and prompting President Vladimir Putin to call for preemptive measures.

The increase in the consumer price index in 2021 came above analysts' expectations for a rise of 8.2% in a Reuters poll carried out in late December.

The central bank, which targets inflation at 4%, had to revise its inflation forecasts higher during the year but kept saying that the pace of annual consumer price growth would near the target in 2022.

The bank is expected to raise rates again, from 8.5%, in the first quarter of 2022, according to the Reuters monthly poll.

In the week to Dec. 27, the consumer price index rose 0.26%, Rosstat said.

Rosstat said it would publish the final inflation reading on Jan. 12.

Rosstat gave the following details:

RUSSIAN CPI Dec 21* Nov 21 Dec 20

Mth/mth pct change +0.82 +0.96 +0.83

- food +1.36 +1.27 +1.53

- non-food +0.64 +0.72 +0.40

- services +0.26 +0.81 +0.42

© Reuters. FILE PHOTO: A vendor hands over Russian rouble banknotes to a customer at a street market in Omsk, Russia March 31, 2021. REUTERS/Alexey Malgavko

Y/Y pct change +8.39 +8.40 +4.91

*Preliminary data

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.