24 Nov 2010 16:40

Russia had 0.2% inflation in Nov 16-22; 7.4% in year so far - Rosstat

MOSCOW. Nov 24 (Interfax) - Russia had 0.2% inflation in the week of November 16-22, Federal State Statistics Service (Rosstat) reported on Wednesday.

It is the third straight week of 0.2% inflation, after four weeks inflation no higher than 0.1%.

Inflation in the year so far is 7.4%, down from 8.4% in the same period last year. Inflation has been 0.6% so far in November. Inflation was 0.3% in the entire month of November last year.

Inflation on an annualized basis was 7.8% on November 22, up from 7.5% at the end of October, 7% at the end of September and 6.1% at the end of August.

Prices were up 3.4% for wheat (compared with 3.3% in the previous week), up 2.6% for sugar (1.4%), up 1.9% for sunflower oil (1.7%), up 1.6% for buckwheat (1.1%), up 0.6% for butter (0.6%), up 0.3% for eggs (0.6%), up 0.3% for milk (0.5%), up 0.3% for beef (0.2%) and up 0.2% for rye bread (0.1%).

Fruit and vegetable prices rose 1.4% on average in the latest week compared with 1.1% in the preceding week. Cabbage and onion prices were up 2.7%.

Gasoline prices rose 0.3% (compared with 0.5% in the previous week) and diesel fuel prices were up 3.1% (2.7%).

It was reported earlier that inflation slowed to 0.5% in October from 0.8% in September, but inflation may accelerate again in November-December owing to seasonal factors (rising budget spending at the end of the year, rising prices on fruit and vegetables) and monetary factors (expansion of money supply).

Central Bank First Deputy Chairman Alexei Ulyukayev forecast that inflation in November would equal 0.8%.

Inflation will total 8.3% in 2010, according to a consensus forecast Interfax prepared at the end of October. Deputy Prime Minister and Finance Minister Alexei Kudrin said in mid-October that inflation might be 0.1-0.2 percentage points higher than the official forecast of 8%.

Inflation will remain in the range 8%-8.5% in 2010, the head of the Central Bank's financial market operations, Sergei Shvetsov, said.