November 14, 2012 / 1:06 PM / 5 years ago

Russian consumer prices edge up 0.1 pct in latest week

MOSCOW, Nov 14 (Reuters) - Russia’s consumer prices rose 0.1 percent in the week to Nov. 12, the same pace as in preceding week, the Federal Statistics Service said on Wednesday.

This brings inflation since the start of the year to 5.9 percent compared to 5.5 percent in the same period of 2011.

Wheat products continued to lead the price increase, following a drought that killed a third of Russia’s harvest this year and sent domestic wheat prices to record levels.

Headline inflation in October, however, registered a surprise fall to 6.5 percent year-on-year from 6.6 percent, easing pressure for a rise in interest rates by the central bank for now.

The bank recently forecast that the figure would reach around 7 percent by the end of the year, though a senior central bank official has said inflation could come at between 6.5 and 6.7 percent.

Writing by Lidia Kelly

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