CBR First Deputy Chairman Alexei Ulyukaev
Photo: Ilya Pitalev
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Jan-Feb Inflation to Reach 3.5 Percent
Consumer prices surged 1.1 percent from February 1 to 26. CBR First Deputy Chairman Alexei Ulyukaev forecasted the inflation of 3.5 percent for January and February, which is 0.5 percent above the previous estimate of bureaucrats. The inflation is accelerating in Russia, as if ignoring the promise of Economic Development Minister Elvira Nabiullina that it would be only going down in future. Economic analysts don’t think that the annual official target of 8.5 percent could be attained.
All counter-inflation efforts of the government notwithstanding and despite the absence of external shocking effects, the acceleration in consumer inflation is evident. The prices grew 0.5 percent February 1 to 18, but stepped up 1.1 percent if taken for February 1 to 26. It was CBR First Deputy Chairman Alexei Ulyukaev that unveiled the recent figures yesterday, estimating the February inflation at 1.2 percent.
The inflation was just 2.8 percent in the first two months of past year, but it may reach 3.5 percent should Ulyukaev be correct in his outlook – the prices grew 2.3 percent in January. Earlier, Finance Minister Alexei Kudrin spoke of 3-percent inflation at the maximum for January and February.
The official data will be available in early March. But one thing is clear already – the government has failed to curtail inflation even to the rate of 2007 and even in the pre-election environment in the country.
Food is still the key driving engine here. The prices for cottage cheese, granulated sugar, margarine, millet soared from 0.7 percent to 1.7 percent February 12 to 18 (2.1 percent to 3.6 percent from early this month), and the growth in fruit and vegetable prices averaged 1.5 percent and 4.1 percent respectively.
www.kommersant.com
All the Article in Russian as of Feb. 29, 2008
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