• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

Russian inflation jumps 0.37% in latest week

by November 20, 2024
written by November 20, 2024

MOSCOW (Reuters) – Russian consumer prices rose 0.37% in the latest week, up from 0.3% in the previous week, data showed, driven by price growth for butter, sunflower oil, dairy products and potatoes, pushing the headline figure since the start of the year to 7.4%.

The Economy Ministry estimated annual inflation to have reached 8.68% as of Nov. 18, up from 8.56% a week earlier.

Wednesday’s data suggested that inflation showed no signs of slowing despite monetary tightening measures, such as an interest rate hike on Oct. 25 to 21%, its highest level in over 20 years. Prices rose by 0.3% in the week before.

Prices for butter rose by 1.4% during the week. Earlier the government started to import butter from the United Arab Emirates and Turkey to contain the price growth, which has sparked cases of supermarket theft across Russia.

“Enterprises in the dairy industry have experienced increased costs for raw materials, logistics, and employee wages. One of the reasons for the rise in raw material costs is the increase in global prices for dairy fats,” the central bank said.

Prices for potatoes, a staple food for many Russians, have risen by 74% since last December, the data showed, an increase blamed by the central bank mainly on bad weather.

“Due to unfavourable weather conditions and a reduction in planted areas, Russian farmers harvested fewer potatoes than the previous year. This led to a decrease in supply,” it added.

The regulator also blamed the weaker rouble, which lost about 20% of its value against the dollar since early August, for growth in prices for imported fruits such as oranges, lemons and bananas. Prices for bananas grew by 1.2% in the latest week.

The central bank raised its year-end inflation forecast to between 8.0% and 8.5% at its latest rate-setting meeting, while the government still maintains its forecast of 7.3%.

The Economy Ministry said the government was considering import relief for potatoes, onions, carrots, cabbage, and apples as well as an extension of a rice export ban into 2025 as part of price control measures.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Fed’s Cook: More cuts likely appropriate as disinflation expected to continue
next post
PIMCO bullish on stocks on US soft landing hopes, cautious on inflation

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Trump implies government could cut contracts and subsidies to Musk’s companies

      June 7, 2025
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (505)
    • Stock (6,426)

    Latest News

    • Trump implies government could cut contracts and subsidies to Musk’s companies
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

    Popular News

    • Maersk shares fall as Morgan Stanley cuts rating to ‘underweight’
    • Nvidia’s results, Adani’s legal woes, Starbucks – what’s moving markets

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy