Inflation Review. April 2019

In April 2019, inflation continued to slow down in annual terms: the annual increase in consumer prices fell by 0.3 percentage points and amounted to 5.5%.

In April 2019 against March, consumer prices grew by 0.04%.

Growth of consumer prices
(% to the corresponding month of the previous year)

Dynamics of consumer prices
(on a year-on-year basis)

Core inflation
(% to the corresponding month of the previous year)

Administratively regulated prices and tariffs
(% to the corresponding month of the previous year)

Seasonal prices (for fruits and vegetables)
(% to the corresponding month of the previous year)

Aggregated indicator of the trend inflation
(% to the corresponding month of the previous year)

General characteristics of changes in the consumer prices

The slowdown in annual consumer price growth in April 2019 was primarily due to the dynamics of core inflation, and to a lesser extent - the dynamics of regulated prices and tariffs and seasonal prices.

Annual core inflation slowed to 4.6% (4.9% a month earlier). In terms of groups of goods and services that are not subject to administrative price regulation and the influence of the seasonal factor, a deceleration in prices for services and food products is witnessed. Less intensive dynamics of prices for services is largely associated with a decrease in the annualized cost of air transport and tourism services. The corresponding dynamics of prices for meat and meat products contributed to the slowdown in the growth of prices for food products: after a period of accelerated price increase under the influence of a conjuncture shock prices for meat are decreasing during the last 3 months (relative to the previous month). Prices for non-food products with the exception of regulated positions since 2017 H2 have been remained almost at the same level in annual terms.

Trend inflation decelerated by 0.1 percentage points in annual terms and totaled 4.3% in April 2019 versus April 2018. The average intensity of consumer price growth declined to 3.9%.

In April 2019, the annual growth of regulated prices and tariffs remained almost at the level of the previous month and stood at 8.1% (8.2% a month earlier). At the same time, the acceleration in annual terms of the growth rates of prices for automobile fuel almost completely leveled the slowdown in the growth of prices of other regulated items (housing and communal services, communications, etc.).

Growth in prices for fruits and vegetables slowed to 4% in April 2019 against April 2018 (4.7% in March 2019 to March 2018). At the same time, an accelerated increase in prices for certain types of vegetables (white cabbage, onion, tomatoes, carrots) is still in place.

Dynamics of consumer prices
(on a year-on-year basis)

Dynamics of inflation indicators
(on a year-on-year basis)

Methodological explanations   Archive