Producer prices in Russia jumped 35.3% year on year in May of 2021, the highest level since the series began in 2005, according to the latest Central Bank of Russia (CBR) figures.
Consumer price inflation has surged since the start of this year, driven up by rising food prices, among other things, to hit 6% y/y/ in May. But producer prices have risen much faster, accelerating from zero in September last year to reach 27.6% in April and 35.3% in May.
The biggest increases in producer prices were seen in manufacturing (25.6%); extraction of raw materials (9.9%); electricity, gas, steam & air conditioning (5.3%) and water supply (3.8%).
On a monthly basis, producer prices advanced 2.3%, following a 2.7% gain in April.
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