Russian inflation passes 10%

Dec 24, 2014 10:24 PM PHT

Agence France-Presse

SUMMARY

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Consumer prices rose by 0.9% last week alone, the state statistics service says, with pronounced jumps in the cost of some types of produce and sugar, which rose by 7.5%

MOSCOW, Russia – Russian inflation has climbed into double digits – hitting 10.4%, data released Wednesday, December 24, showed, indicating that prices could be growing faster than expected due to the depreciating ruble.

Consumer prices rose by 0.9% last week alone, the state statistics service said, with pronounced jumps in the cost of some types of produce and sugar, which rose by 7.5%.

Many consumer goods are imported into Russia, meaning the slide in the value of the ruble will eventually feed through onto price tags of products.

The central bank said earlier this month that it expects inflation to hit 10% before the end of the year and then peak at 11.5% in the first quarter of 2015.

Russia’s economy ministry predicted inflation would remain in single digits. – Rappler.com