June inflation in Russia slows to 0.2% - Rosstat
MOSCOW. July 5 (Interfax) - Inflation in Russia slowed to 0.2% in June after amounting to 0.5% in May, 0.4% in April, 0.6% in March, 0.8% in February, and 2.4% in January, the Federal State Statistics Service (Rosstat) reported on Tuesday.
First-half inflation was 5% (4.4% for H1 and 0.4% for June last year).
The June figure was almost what analysts had expected. A consensus forecast compiled by Interfax at the end of the month produced a figure of 0.3%.
In year-on-year terms (June 2011 against June 2010), inflation dipped 0.2 of a percentage point to 9.4% (9.6% in April-May and in January, and 9.5% in February). Annual inflation in June of last year was 3.6 percentage points lower at 5.8%.
Annual inflation was at its lowest in July of last year at 5.5%. The figure then increased until January of this year mainly due to rising food prices driven by last year's drought conditions and subsequent smaller harvests.
The base consumer price index, excluding price changes for certain goods subject to factors of an administrative nature, and also seasonal effects, was 100.3% in June (100.4% in May) and 103.8% in January-June. Against last June it was 108.4% (100.2% in June 2010, 102% in January-June 2010). It was 104.3% in June last year against June of the year before.
Food-good prices dropped 0.2% in June after going unchanged in May, while non-food items increased 0.8% in price (0.5% in May) and services 0.7% (also 0.5%).
Fruits and vegetables fell 3.2% in price in June, having fallen 1.5% for the two previous months. However, the price surge since the beginning of the year was not offset, as fruit and vegetable prices increased 8.7% over the first half (18.3% against June of last year).
Some items in this category did decrease in price: cabbage by 28.8%, bulb onions by 8%, and oranges by 5.4%. Beets increased 7.6% in price, bananas, apples, and lemons 0.5%-0.7%.
June egg prices were down 12.1% and sugar prices 2.4%.
The cost of the subsistence food basket was 2,761.5 rubles for the month on average across Russia. That was down 1.6% over the month but up 5.2% since the start of the year.
In June, as in May, prices for oil products increased 1.7%. A-76 (AI-80) gasoline increased 1.9% in price, AI-92 (AI-93 and so on), AI-95 and up 1.7%, and diesel fuel 0.9%.
In Moscow, the consumer price index rose 0.5% over the month of June (5.3% since the year began), and it was up 0.4% in St. Petersburg (5%).
The Economic Development Ministry expects inflation for the year to be C. The Central Bank remains intent on keeping inflation within 7%. A consensus forecast for 2011 inflation compiled by Interfax at end-June produced a figure of 8.5%.