The Ministry said the details of the acceleration of inflation in Russia

© RIA Novosti / Konstantin to Collabourate in photosangelina in the hypermarket. Archival photoThe Ministry said the details of the acceleration of inflation in Russia© RIA Novosti / Konstantin to Collabourate the image Bank

The acceleration of inflation in Russia in March, due, in particular, with the growth of prices for fruit and vegetables, says the report of the Ministry of economic development «Picture of the economy. April 2018».

«In March inflation accelerated in annual terms for the first time after 8 months of continuous decline. The growth rate of consumer prices increased to 2.4% yoy in March from a record low of 2.2% in January and February and came in slightly above estimates Ministry of economic development (of 2.2–2.3% yoy),» — said in the report.

According to the Ministry, the most significant acceleration in March showed prices for fruits and vegetables (2.9 percent on a monthly basis, adjusted for seasonality, after 1.2% in February). «The main reason was the rise in the cost of vegetables, which this year is somewhat more pronounced due to lower harvest vegetables in 2017 compared with 2016 year», — the report says.

So, the prices of several products of the «borsch set» in March grew at a high rate (beets and 18.2% on a monthly basis, cabbage by 17.8 per cent, carrots 12.6 per cent). In the group of fruits and citrus also observed an increase in the rate of price growth, which was associated with a predominance of expensive imported products in the off-season, explains the MAYOR.

However, as stressed by the Ministry of economic development, the March data do not allow us to talk about a clear trend to an increase in inflationary pressure in the economy.

«The growth rate of food prices, excluding fruit and vegetable products remains at low levels… Non-food goods also continued to show moderate price dynamics, including through the suspension of growth in gasoline prices in February and March. The pace of monetary inflation, according to the Ministry of economic development, in March remained at the level of February (2.5 percent annually and 0.2 percent on a monthly basis with seasonality)», — said the Agency.

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