Russian consumer prices jumped 1.2% in March, show data released by the Federal Statistics Service Monday. The pace of inflation in March turned out to be the highest since 2009 when it equaled 1.3%.
On an annualized basis during the first month of spring 2015 the inflation rate sped up from 16.7% in February to 16.9%.Prices have jumped 7.4% YTD.
The monthly pace of price growth in March exceeded the Finance Ministry's forecasts. Finance Minister Anton Siluanov previously said that inflation in March would turn out to be slower than in the year-ago period. Meanwhile, based on the Federal Statistics Service's data, last March prices grew 1%.Deputy Finance Minister Maxim Oreshkin forecast inflation at 0.9% to 1.1% in March.
In line with the Ministry for Economic Development's official forecast, Russia's inflation will be around 12.2% in 2015.Meanwhile, Minister for Economic Development Alexei Ulyukaev noted previously that "we've seen inflation reach its peak, now, maybe not fast at first, but faster later on the Consumer Price Index will go down, and we'll meet 12% by the end of 2015".
