Russia consumer price inflation up 1 percent in March

Nathan Andrada – Fourth Estate Cooperative Contributor

Moscow, Russian Federation (4E) – Consumer price inflation in Russia increased in March, surpassing the central bank’s target range, according to Federal Statistics Service data released Friday.

Consumer prices edged up by 1 percent in March, after jumping 0.7 percent in the previous month. Inflation advanced 6.9 percent in March from a year ago, compared with 6.2 percent in the preceding month.

The depreciation of the country’s currency, the ruble, has intensified since Russia annexed the Ukrainian region of Crimea, resulting to higher inflation.

Earlier this week, the Bank of Russia, which has set an inflation target range of 3.5 percent to 6.5 percent for 2014, forecasts inflation to ease in the second half of the year.

The country’s high inflation rate is making it difficult for the central bank to ease monetary policy, which is needed to boost the economy.

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