💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Russian consumer spending slumps again in April: survey

Published 05/11/2017, 05:39 AM
Updated 05/11/2017, 05:50 AM
© Reuters. A woman leaves a local shop about 5 km (3,1 miles) from the border with Russia in Karsava

MOSCOW (Reuters) - Russian consumer spending on everyday items fell by 6.5 percent in April compared with the previous month and by 4.9 percent from the same period last year, a survey published on Thursday showed, a reverse of the positive trend seen in March.

The data for April, compiled by research firm Romir, cast doubt over the pace of the recovery in the Russian economy where consumer demand remains the main growth driver.

Russian consumers have borne the brunt of Russia's economic crisis as the weaker rouble drove inflation higher and ate into their purchasing power.

Inflation has fallen recently -- it was at 4.1 percent year-on-year in March, but the latest survey suggests consumer-facing sectors will continue to struggle.

"A general reduction in spending with an unchanged average bill speaks to the fact that Russians have returned to savings mode," Romir said in a statement.

Russia's official statistics service, Rosstat, is yet to publish data for April.

Rosstat recorded a decline in retail sales in March <RURSLY=ECI> of 0.4 percent year-on-year, nonetheless the best retail sales reading since December 2014.

© Reuters. A woman leaves a local shop about 5 km (3,1 miles) from the border with Russia in Karsava

Romir's survey uses data from 30,000 people in 180 Russian towns and cities with a population of over 100,000.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.