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Russia records deflation for first time in 5 years

Xinhua, August 4, 2016 Adjust font size:

Russia has recorded deflation in the week from July 26 to Aug. 1 for the first time since September 2011, with consumer prices decreasing by 0.1 percent, the country's statistical office said Thursday.

"On Aug. 1, 2016, the annual inflation dipped to 7.1 percent," said Rosstat. According to Russian news agency Sputnik, the annual inflation slowed down to 7.2 percent as of July 25.

Prices for fruits and vegetables decreased by 3 percent in the week ending Aug. 1, with prices for fresh tomatoes down 8.5 percent and for carrots 3.2 percent, it said.

However, the prices for sugar increased by 1 percent, for buckwheat 0.6 percent and for butter 0.2 percent.

Russia's central bank predicted that inflation would drop to 5-6 percent by the end of 2016, to less than 5 percent in May 2017, and to 4 percent in late 2017.

Russia recorded a double-digit annual inflation rate throughout last year due to tumbling oil prices, coupled with the weight of Western sanctions and price hikes, which have only abated in recent months. Endi