Russian inflation accelerates to 8.61% as of Jan. 10

  • 1/12/2022
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MOSCOW, Jan 12 (Reuters) - Russia"s consumer inflation accelerated to 8.61% as of Jan. 10, the economy ministry said on Wednesday, after the statistics service Rosstat confirmed its earlier assessment of 2021 inflation at 8.39%, above the 4% target. In the first 10 days of 2022, the consumer price index rose 0.56%, Rosstat said. Inflation, which is hovering near its highest levels since early 2016, has become an acute problem for Russia, denting living standards and prompting President Vladimir Putin to call for pre-emptive measures. On Wednesday, Putin called for an 8.6% rise in public pensions this year, above the inflation rate, further increasing state social spending from last year. read more The central bank raised its key interest rate seven times in 2021, to 8.50% from 4.25%, and analysts do not rule out another rate hike on Feb. 11, according to a Reuters poll. read more The central bank expects annual inflation to slow towards the 4% target by the end of this year. Rosstat gave the following details: RUSSIAN CPI Dec 21 Nov 21 Dec 20 Mth/mth pct change +0.82 +0.96 +0.83 - food +1.36 +1.27 +1.53 - non-food +0.64 +0.72 +0.40 - services +0.26 +0.81 +0.42 Y/Y pct change +8.39 +8.40 +4.91

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