Russia's inflation exceeds 9% in 2024
Russia's central bank will meet tomorrow
19 December 2024
1 minute read
By: Russia's inflation has reached 9.14% so far this year, well above the central bank's annual estimate of 8.5%, after the new data showed that prices climbed by 0.35% in the latest week, a slowdown on the previous week's 0.48%, reported Reuters.
The new data comes ahead of the central bank's rate-setting meeting on Dec. 20, where the regulator is expected to hike rates by a further 200 basis points, according to a Reuters poll of economists, in order to bring inflation under control.
The central bank raised the benchmark rate to 21% in October, the highest level in more than 20 years, citing high inflation and elevated inflationary expectations as the main reasons for the move.
The data in recent weeks has shown that despite the tight monetary policy price growth remains high. Inflationary expectations among households for the year ahead also rose to 13.9% in December, the highest value since the start of the year.
The statistical agency said prices for fruits and vegetables led the overall growth, with prices for tomatoes rising by 4.1% and prices for cucumbers by 10% during one week. Prices for eggs, poultry and butter have also risen by more than 1%.
