21 May 2018 13:36

Gasoline price growth not affecting inflation for now; impact to be analyzed in June - Yudaeva

MOSCOW. May 21 (Interfax) - Rising gasoline have not affected inflation for the time being but may do so with a time lag, First Deputy Central Bank Governor Ksenia Yudaeva told journalists at the State Duma, adding that the Central Bank will examine this factor before the board of directors' next rate meeting on June 15.

"For now it is not happening [higher gasoline prices affecting inflation]. There might be some effect with a time lag. This is in fact, I think, one of the factors to be analyzed by the next decision [on the key rate at the June meeting]," she said.

It was reported earlier that inflation in the week of May 8-14 remained at 0.1%, despite a 1.1% increase for both gasoline and diesel.

Inflation in April quickened slightly to 0.4% from 0.3% in March, but inflation in annual terms remains at the March level of 2.4%.

Yudaeva also said ruble weakening was having an impact on inflation, but a small one.

"The effect of the change in the ruble exchange rate in April (in part heightened volatility, then some stabilization) exists, but it is not great. Inflation is now minimally higher than forecast excluding any exchange rate changes. Inflation has accelerated a bit, but not very strongly. There is a small contribution from the exchange rate in this," she said.

One position that ruble weakening clearly affected is tourism, the director of the Central Bank's monetary policy department Igor Dmitriev said, citing data for April.