January 11, 2017 / 1:04 PM / in 7 months

Russian inflation spikes in early Jan on higher transport prices

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MOSCOW, Jan 11 (Reuters) - Consumer prices in Russia rose 0.3 percent in the period from Jan. 1 to Jan. 9 after rising 0.1 percent a week in the past several weeks, data from the Federal Statistics Service showed on Wednesday.

Inflation readings are closely watched by the central bank, which aims to bring annual inflation to a record low of 4 percent this year.

Any increase in the inflation rate raises the chances that the central bank will postpone long-awaited rate cuts.

The recent spike in inflation, which was reported for nine days instead of seven as Russia was on long New Year-holidays at the start of the month, comes on the back of higher prices for transport.

Russian authorities raised prices for metro tickets by an average of 13.1 percent in the nine days to Jan. 9. Tram ticket prices rose 10.1 percent, while prices for trolley-bus and bus rides rose by 9.2 percent and 6.7 percent, respectively, Rosstat said. (Reporting by Andrey Ostroukh; Editing by Alexander Winning)

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