Select your city:
Moscow

VTB Bank call center

+7 (800) 200-77-99
+7 (495) 739-77-99
For general information and enquiries

Weekly CPI

 
19.09.2013
Rosstat has released its regular weekly CPI report (for 10-16 September). It suggests that in 1-16 September, consumer prices added 0.13% (vs. 0.34% in the respective period of 2012). The average daily growth in consumer prices slowed by half to 0.006% during the reported period vs. 0.012% in the previous week and vs. 0.014% in the respective period of 2012.

The spike in the growth of milk prices in 2-9 September smoothed in the following days, showing that this sudden upturn was only temporary. However, they continue to grow rapidly (+0.8% WoW vs. +1.4% WoW a week ago), adding tangibly to headline inflation. Nevertheless, over the reported period gasoline and egg prices again became the major CPI WoW growth drivers.

The YoY growth in headline CPI remained at 6.3% as of 16 September, despite the ongoing seasonal deflation in fruit and vegetables, as well as the favourable base effect in utilities (over the same period in 2012, there was the chain effect of the growth in tariffs on 1 September).

As the beneficial base effect is to contain fruit and vegetables inflation further, we expect softer inflation in the remainder of September. We now see 0.2% MoM growth for September as a whole and YoY growth at 6.1% by the end of this month, given the unexpected spike in milk prices and the slow pace at which they are normalising.

Daria Isakova
VTB Capital analyst

Tags:
CPI, inflation

Back to the list



VTB group news subscribe
  • E-mail subscribe
  • RSS lent
    Subscribe
    Subscribe
Download the list of cities.....