Inflation accelerated in Russia in January

In January, consumer price inflation slowed to 1.23 percent from 1.32 percent in December. Experts had expected monthly inflation of 1.18 percent.

Food prices rose by 11.13 percent year-on-year and 1.33 percent month-on-month in January, with the prices of vegetables and fruits rising in particular, by 2.68 percent compared to December and by 16.83 percent compared to January last year.

Non-food products rose by 0.42 percent month-on-month in January and by 6.07 percent year-on-year.

In January, services rose by an average of 2.07 percent compared to December and 12.95 percent compared to January 2024.

In Russia, average inflation last year was 9.52 percent, after 7.42 percent in 2023 and 11.94 percent in 2022.