18 Jul 2018 17:48

Russian producer prices up 3.4% in June due to higher oil - Rosstat

MOSCOW. July 18 (Interfax) - Russian producer prices grew 3.4% in June after rising 3.9% in May, 1.2% in April, falling 0.9% in March and increasing 1% in February and 0.1% in January, the Russian State Statistics Service (Rosstat) said on Wednesday.

The increase in producer price was substantially higher than analysts' expectations. The consensus forecast of economists surveyed by Interfax had envisaged June growth of 0.6%.

The significant growth in consumer prices was driven by a 19% spike in oil prices in June.

Producer prices increased 9.1% in January-June.

Producer prices rose 8.4% in 2017, significantly above consumer inflation of only 2.5%.

In April this year, prices grew 11.4% in mineral extraction after rising 7.3% in May, 0.8% in April, falling 4.2% in March and growing 2.1% in February and 1.1% in January.

In manufacturing, prices rose 1.5%, after rising 3.3% in May, and 6.3% in January-June.

Wholesale prices fell 1.3% in supply of electricity, gas, steam and conditioned air in June after rising 1.4% in May, falling 1.2% in April, rising 0.5% in March and 0.4% in February and declining 1.5% in January. Producer prices were down 0.4% overall in January-May.