MOSCOW — Deflation stood at 0.1 percent in August in Russia, the federal service of state statistics reported. This is lower than the expected 0.3 percent, forecast by Alexei Ulyukayev, senior chairman of Russia’s central bank.
According to the statistics service, consumer prices rose 8.3 percent from January through August 2005. In July 2005, inflation stood at 0.5 percent, 0.6 percent in June, 0.8 percent in May, 1.1 percent in April, 1.3 percent in March, 1 percent in February and 2.6 percent in January. The official inflation target for this year is 10 to 11 percent, against 11.7 percent last year.
Consumer prices dropped 0.4 percent in August 2005, bringing inflation from January to August to 5.9 percent. Food product prices dropped 1 percent, with inflation from January to August at 7.8 percent, and non-food prices rose 0.5 percent, a 3.4 percent rise from January to August. Consumer services rose 0.8 percent in price last month, 17.4 percent in the first eight months of this year.
Average daily inflation in August was 0.005 percent, against 0.014 percent in the same period last year. The consumer price index in Moscow stood at 99.3 percent in August, 108.1 percent from January to August, and it was 100 percent in St. Petersburg, 109.7 percent from January to August.
The consumer price index was below 100 percent in 39 regions of Russia, the statistics report said. The most significant drops in prices were reported in Ivanovo region – 1.8 percent, North Ossetia and Karachaevo-Cherkessia republics – 1.2 percent and 1.1 percent respectively. The highest inflation was registered in Kabardino-Balkaria republic, where consumer prices rose 1.7 percent.
The reference consumer price index stood at 100.5 percent in August, and 105.5 percent from January to August.
The average price of a minimum food basket in Russia was RUR 1,343.9 (about $47.6) a month in August, 4.1 percent lower than in July, and bringing the rate to 10.3 percent from January to August. In Moscow, the minimum food basket cost RUR 1,634.6 (about $58), down 5.1 percent from the previous month making a total increase of 8.5 percent from January to August, and in St. Petersburg it stood at RUR 1,477.6 (about $52), 3.8 percent less than in July and increasing 12.1 percent from January to August.