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Russia had 11.9% inflation in 2007 - Rosstat

January 09, 2008 | Interfax

Russia had 11.9% inflation in 2007, the Federal State Statistics Service (Rosstat) said on Wednesday.

This was a little lower than the latest official forecast, which was 12%.

Consumer prices rose 1.1% in December.

The government originally targeted 7%-8% inflation for 2007, then revised this up to 11%-11.5%.

Inflation in 2007 was higher than the 9% seen in 2006, 10.9% in 2005 and 11.7% in 2004, but a little lower than 12% in 2003.

Inflation was 0.8% in December 2006.

Analysts said in a consensus forecast for Interfax at the end of December 2007 that they thought inflation that month would be 1.3% and that inflation for the full year 2007 would be 12%.

In December 2007 compared with November 2007, prices growth slowed for most groups of consumer goods, including to 5.6% from 6.2% for fruit and vegetables, to 2.5% from 3.7% for dairy products, to 2% from 4.3% for butter, and to 2% from 3.3% for pasta. December also saw price increases of 3.6% for eggs, 3.3% for peas, beans and margarine, and 2.3%-3.1% for canned tomatoes, semolina, millet, processed cheese national cheeses and brynza.

Gasoline prices climbed more quickly in December, by 3.6%, compared with growth of 2.3% in November. Passenger transport fares jumped 3.8% in December after rising 1.2% in November.

The core CPI was 100.9% in December and 111% in the full year 2007.

In general, prices for goods rose 1.2% in December 2007 compared with 1.5% growth in November. Foods and drink prices rose 1.6% in December (1.9% in November) or, minus fruit and vegetables, they grew 1.2% (1.5%). Nonfood goods rose 0.7% in December (0.9% in November) and services went up 0.9% (0.6%).

Inflation in the City of Moscow was 0.9% in December (10.2% in the full year) and inflation in St. Petersburg was 1.2% (13.2%).

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