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4.2 Inflation
Weekly inflation in Russia came in at 0.2% for the week ending January 25, the same as for the previous week, according to the latest data from Rosstat statistics agency. Average daily price growth was very close to the previous week's level at 0.028%.
As reported by bne IntelliNews, inflation in Russia breached the 4% target of the central bank at 4.9% for 2020 and remained elevated at over 5% in January, prompting the government to put price caps on certain food categories.
At the end of 2020, with inflation accelerating, the Central Bank of Russia (CBR) as expected resolved to maintain the key interest rate unchanged at 4.25%.
"Consumer prices were up 0.8% since the start of January, and at this pace it looks like monthly inflation could come in at 0.9%, which is well above last January's 0.4%, so the year-on-year gauge could advance to 5.4%," Sberbank CIB analysts estimated on January 28.
The investment bank reiterated its forecast for inflation in 2021 at 3.5%.
41 RUSSIA Country Report February 2021 www.intellinews.com
