Russia: Record Low Food Price Inflation at 1.1 Percent in 2017

  |   Attaché Report (GAIN)

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Office of Agricultural Affairs, Moscow   |   (011-7-495) 728-5222

According to Russia’s Federal State Statistics Service (Rosstat), Russia’s headline consumer price index (CPI) reached a record-low 2.5 percent in 2017, down from 5.4 percent in 2016. Food price inflation was also a record low at 1.1 percent in 2017 versus 4.6 percent in 2016, being the key driver for the low CPI in 2017. Russia’s record high harvest coupled with continuing decline in real incomes and a tight monetary policy made the record-low CPI possible in 2017. In 2018, barring significant fluctuations on the world commodity and financial markets, the CPI in Russia is expected to trend back towards the 4 percent target set by the Central Bank of Russia. 

Russia: Record Low Food Price Inflation at 1.1 Percent in 2017

 

Europe and Eurasia, Russia

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