MOSCOW (Reuters) – Inflation in Russia has reached 9.5% this year, according to new weekly data showing that consumer price inflation rose 0.33% in the week to Dec 23, statistics agency Rosstat reported on Wednesday.
This data follows the bank's unexpected decision last week to keep its key interest rate at 21%. The regulator said the recent tightening had created conditions that allowed inflation to drop to 4%.
The agency indicated that seasonally changing prices of fruits and vegetables contributed significantly to the overall increase, with cucumber prices increasing by 8.3% and tomato prices by 1.9% in just one week.
Among foods that are less sensitive to seasons, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially forecast inflation this year at 8.5%.
The head of the central bank's monetary policy department Andrei Gangan told the Interfax news agency on Dec. 24 that inflation for the whole year will be between 9.6% and 9.8%.
Inflation among households next year also reached 13.9% in December, the highest level since the beginning of the year.
In a report on its inflation expectations survey, the central bank said respondents were most concerned about rising prices of milk, dairy products, eggs, meat and fish.
It also said that respondents have started noticing the increase in prices of home appliances and electronics.