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Inflation has brought down the Rosstat website
23 September 2021, 15:50
Economy
Inflation has brought down the Rosstat website
Inflation in Russia continues to accelerate. During the week of September 14-20, the consumer price index rose another 0.1%. Since the beginning of the month - by another 0.2%, and since the beginning of the year, inflation has accelerated by 4.9%, which corresponds to the level of price growth at the end of last year.

Against the background of such a rapid rise in prices over the past five years, the website of the statistical department could not withstand such "pressure". By eight o'clock Wednesday evening, the site's home page was unavailable. The data in Bloomberg terminals were also absent, finanz.ru drew attention. To date, the site is still undergoing "technical work".

Locko Asset Management notes continued inflationary pressures. Weekly price increases were five times higher than the average price increases for that period over the past five years. Since the summer of 2016, inflation has reached 6.97% for the first time. The fastest growing prices were for meat. Thus, chicken meat has risen in price by 1.25% over the week and by 18.4% since the beginning of the year. In annual terms, growth in September reached 23%. Beef prices in September rose by another 2.26%. Since the beginning of the year, this meat has risen in price by 12.3%. Pork rose in price by 1.05% over the week. This meat has become more expensive since the beginning of the year by 12.4%.

Also, a record rise in prices for the week is noted for fruit and vegetable products. So, cucumbers have risen in price by 7%, tomatoes - by almost 8%. In annual terms, prices for the most popular vegetables have already increased by 15.6% and 14%, respectively.

Although prices for cabbage have decreased by 0.63% over the week, prices for this product remain 74.1% higher than a year ago. Onions and carrots also fell in price over the week, but compared to their prices a year ago, these products now cost 27.7% and 28.4% more, respectively.

Egg prices - the cheapest protein of animal origin - increased by another 2.1% over the week, having added 17.7% over the year. The price for buckwheat in annual terms increased by 17.3%. The price of this product in stores has already exceeded 100 rubles per kilogram.

Locko Asset Management predicts acceleration of inflation to 7-7.1%, in connection with which the Central Bank will be forced to increase the key rate in October by another 0.25 percentage points - up to 7% per annum. Earlier in September, the Bank of Russia increased its key rate to 6.75%. This is the fifth increase in the key rate since the beginning of the year. As a result of the measures taken, the regulator expects a slowdown in annual inflation by the end of the year and its decrease in 2022 to 4–4.5%, and further down to 4%. To achieve these indicators, the regulator is ready to increase the key rate to 7% and higher, however, as the head of the Central Bank of the Russian Federation, Elvira Nabiullina, assured, the key rate of the Central Bank of the Russian Federation will not exceed the threshold of 10%.