Russian Inflation Rate Steady at 6.5% in August

In August of 2013, Russian annual inflation remained stable at 6.5 percent. From July to August, prices eased to 0.1 percent, from 0.8 percent recorded in the previous period, mainly due to a drop in food prices.

On a year-over-year basis, food prices increased 4.7 percent, slightly down from 4.9 percent recorded in July. Cost of eggs rose the most (14.8 percent), followed by prices of bread and bakery (up by 14 percent), pasta (+ 11.4 percent), butter and sunflower oil (+10.3 percent). In contrast, cost of sugar and meat and poultry declined by 1 percent and 1.1 percent, respectively.

Prices of alcoholic beverages and tobacco recorded the highest annual increase (up by 17.5 percent, from 18.4 percent in July). Cost of housing, water, electricity and gas increased 10.8 percent, slightly up from 10.1 percent in the previous month; cost of education accelerated to 11.9 percent; health cost rose 7.6 percent (slightly down from 7.9 percent in July); prices of transport increased 5.7 percent and cost of clothes and footwear remained unchanged at 5 percent. 

From July to August, food prices decreased 1 percent, mainly due to a drop in cost of fruits and vegetables. 

The average cost of a minimum food basket in Russia at the end of August of 2013 amounted to 2838.6 rubles per month. This represents a monthly decrease of 4.2 percent and an increase of 8.6 percent since the beginning of the year. 

Russian Inflation Rate Steady at 6.5% in August

Joana Taborda |
9/4/2013 1:26:01 PM