August 30, 2017 / 3:01 PM / in a year

UPDATE 1-Russian consumer prices down 0.2 percent in week to Aug. 28

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MOSCOW, Aug 30 (Reuters) - Consumer prices in Russia declined 0.2 percent last week, data from the Federal Statistics Service showed on Wednesday, supporting expectations of an imminent rate cut.

Consumer prices have risen 1.9 percent since the beginning of the year, compared with a 3.9 percent increase in the same period of 2016.

The central bank is widely expected to trim the key rate, now at 9 percent, when it holds its next board meeting on Sept. 15.

The central bank expects the deflation to persist in August, TASS news agency said, citing the central bank’s statement. Next month, the factor of seasonality - and low food prices - will be weaker, the central bank said.

“The Bank of Russia still expects deflation (in August) due to a seasonal fall in food prices. In September, the seasonal effect will be significantly reduced but prices are expected to be lower for a number of groups of goods, mainly among food,” TASS said.

Reporting by Andrey Ostroukh; Editing by Richard Balmforth

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