The Russians continue to believe that prices for goods and services are rising much faster than the official statistics. This is evidenced by survey data “old”, commissioned by the Bank of Russia.

Thus, according to the average estimate, according to citizens, inflation at the moment is 15.1%. The assessment of the citizens is 2.5 times higher than the Rosstat, which is at a minimum since November 2014.

According to official data for October, prices in Russia grow by 0.5% in the month and 4.6% year to date. The Ministry of economic development, this corresponds to an annual growth rate of 6-6,2%, noted in the report of the Central Bank “Inflation expectations and consumer sentiment”.

First expensive Essentials: meat, poultry, seafood, milk, housing and communal services and medicines, the results of the survey.

The vast majority of respondents believe that prices will continue to rise faster than their income – 71 percent in October to 74% in September and 70% in August.

Median per capita income in Russia, meanwhile, fell to 11 thousand rubles (vs. 11.1 thousand in September and 11.2 thousand in the summer months).
It is noteworthy that in October for the first time in 2.5 years the number of Russians with incomes growing at the rate of inflation or faster it has increased to 13%.

However, 38% of Russians in the survey said that their financial situation over the past year have deteriorated (low Dec 2014); 19% (with a minimum of Nov 2014) reported that waiting for further deterioration. Thus, growth of income, which says the official statistics do not notice the 62% of Russians and 43% do not expect changes for the better.

Most of the respondents attributed the improvement in their financial situation with the slowing growth of household expenditures. In addition, more than half of the respondents said that additional income and free money better to save up.

The Russian Central Bank still points to the instability of inflation expectations and the preservation of inflation risks. “This confirms the validity of the carrying out moderately rigid monetary policy,” the report said.

Recall that last Friday the Bank of Russia has confirmed this approach to monetary policy, keeping its key rate at 10%.

CB: the Russians still think that prices are rising faster than reported by official statistics 05.11.2016

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