Page 66 - RusRPTApr24

4.2.1 CPI dynamics
Bank of Russia in March increased inflation expectations at the end of 2024 by 0.3 percentage points. up to 5.2% y/y.
Producer prices in Russia rose 3.8% y/y in September of 2022, the same as in the previous month and remaining the lowest increase since December last year. Main upward pressure came from electricity, gas, steam & air conditioning (5%), followed by water supply (4.9%), manufacturing (4.7%) and mining (0.7%). On a monthly basis, producer prices went down 0.8%, following a 1% fall in August.
Upward pressure came from prices of services (8.5% vs 8.1% in January); food (8.1%, the same as in January) and non-food products (6.6% vs 6.2%). Concurrently, the core inflation rate rose to 7.6% in February, the highest in a year, from 6.8% in the prior month. On a monthly basis, consumer prices increased by 0.7%, following a 0.9% rise in the prior month. Prices slowed a bit for food (0.8% vs 1.3%) and non-food products (0.3% vs 0.5%), but rose faster for services (1.1% vs 0.8%). w
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