Inflation in Russia could exceed 12% this year

Monday, March 20, 2023

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Inflation in Russia could exceed 12% this year, the World Bank said in a report released Tuesday. According to the report, Russia's inflation rate, calculated on the basis of the Consumer Price Index (CPI), rose by the end of September to 8.6% - the level initially projected by the government for the entire year. World Bank experts attributed the higher-than-predicted inflation rate to the hike in housing rents and utility services prices early in 2005. However, Basic Consumer Price Inflation (BCPI) dropped to 6.3% in January-September 2005, down from 6.8% in the same period last year, the World Bank said. It said the rate of producer price inflation - 15.7% in the year's first nine months - had surpassed the CPI due to higher energy prices. Energy prices for producers reportedly rose by 53.1% in January through September, whereas prices in manufacturing industries went up a mere 7.2%.

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