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Rise in Russian consumer prices quickens in week to Nov. 28

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This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.

MOSCOW, Nov 30 (Reuters) - Consumer prices in Russia rose for the 10th week running, data published on Wednesday showed, driven yet again by increased prices for fruit and vegetables as well as air travel tickets.

Russia’s consumer price index rose 0.19% in the week to Nov. 28, the Rosstat federal statistics service said, up from a 0.11% rise a week earlier.

Since the start of the year, prices have jumped 11.07%, up from 7.51% at the same point a year ago.

Rosstat said prices of cucumbers had risen more than 12% in the last week, with tomatoes, carrots and beetroot prices all rising by at least 1.5%. The cost of an economy class flight ticket was up by 11% from a week ago.

The Russian central bank last month raised expectations it would end its rate-cutting cycle, as it held its key rate at 7.5%. Analysts widely expect the key rate to be kept unchanged at the central bank’s year-end board meeting on Dec. 16.

The central bank targets inflation at 4%, which it aims to achieve by 2024. It has forecast inflation to fall to 5%-7% next year.

High inflation has for years been a concern for Russian households as it dents their spending power and eats into living standards. Poverty rates are relatively high in Russia and surveys show more than half of all households have no savings. (Reporting by Alexander Marrow and Darya Korsunskaya; Editing by Arun Koyyur)

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