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First time in five years weekly deflation recorded in Russia

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First time in five years weekly deflation recorded in Russia

On Wednesday, Russian Federal Service of State Statistics (Rosstat) announced a drop in consumer prices in Russia.

According to Rosstat’s announcement, deflation rate of 0,1% was recorded over the period of a week, from the 25th of July to the 1st of August. Over the course of the previous three weeks, prices grew by 0,1%, and in the first week of July the growth amounted to 0,4%, what was due to the tariffs indexation of utilities and housing services.

On the whole, frpm the beginning of year 2016, prices have increased by 4%. A weekly deflation in Russia has been observed first time since September 2011. As a reference, last time, prices per week dropped by 0,1% in a period from the 6th to the 12th of September 2011.

Last time, a monthly deflation was recorded in Russia in August 2011, when prices fell by 0,2%.

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