Date: 3 months ago   Category: Economy

The Ministry of Economic Development announced the end of impact of increase in the VAT for inflation — Rambler News Service


Photo: Nina of Zotina/RIA Novosti the Rate of inflation in February, 2019 returned to the level of last year, it demonstrates that the effect on the prices of increase in the VAT from 18% to 20% is exhausted, it is told in the "An inflation picture" for March, 2019 prepared by the Ministry of Economic Development. "In February, 2019 the growth rate of the prices returned to levels of last year that demonstrates exhaustion of effect on the prices of increase in the VAT" — it is said in the document. The MEDT noted that "in monthly expression inflation in February slowed down up to 0.4% month by a month from 1.0% month by a month a month earlier, with a seasonality exception – up to 0.36% month by a month against 0.77% month by a month a month earlier". "At the same time because of low base of February, 2018 annual growth rates of consumer prices increased a little (to 5.2% year-on-year in comparison with 5.0% year-on-year in January)" — added to the MEDT. According to the ministry, "the cumulative additional contribution of increase in a base rate of the VAT to annual rates of inflation is estimated at the level of 0.8-0.9 items that there are less preliminary estimates of the Ministry of Economic Development of the Russian Federation". Exhaustion of effect of increase in the VAT led to delay of increase in prices for nonfoods except for excisable products in February approximately twice – up to 0.31% month by a month, emphasized in the MEDT. "The most noticeable decrease in growth rates of the prices was observed in a segment of durable goods (cars, means of communication, teleradio goods). In February reduction of prices of gasoline (also had the constraining impact on nonfood inflation on 0.18% month by a month) after significant growth a month earlier (0.75% month by a month)", - explained in the MEDT. The ministry added that in February delay of increase in prices for food products except for fruit and vegetable products – up to 0.33% month by a month from 0.57% in January was observed. In the MEDT it was explained with correction of meat price of a bird, by sugar and eggs after their accelerated growth in the fourth quarter of last year. The VAT rate in Russia since January 1, 2019 was raised from 18% to 20%.

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