Russia: Cold Weather Behind Food Prices Uptick in June, 2017
According to Russia’s Federal State Statistics Service (Rosstat), Russia’s headline consumer price index (CPI) rose to 4.4 percent year-on-year in June, 2017, from 3.5 percent at the end of March, 2017. Food prices drove the CPI increase, spiking to 4.8 percent year-on-year in June, 2017, up from 3.5 percent at the end of March, 2017. The key factor behind the increase was inflation in the fruit and vegetables segment fueled by reduced supply and delay of the new harvest due to the unusually cold weather in the period. The CPI uptick in June is seen as temporary with Russia currently on track to end the year comfortably within the 4 percent annual CPI target set by the Central Bank of Russia.
