Inflation in Russia
Russia - Inflation (end of period)
Inflation plunges to lowest level since February in October
Inflation fell to 12.6% in October, following September’s 13.7%. October's result marked the weakest inflation rate since February. Decelerating price growth for food products and non-food products more than offset rising inflation in the services sector.
The trend pointed up, with annual average inflation coming in at 13.2% in October (September: 12.8%). Meanwhile, core inflation fell to 16.2% in October, from September’s 17.1%.
Lastly, consumer prices rose 0.18% in October over the previous month, accelerating from the 0.05% rise recorded in September. October's figure was the highest reading since April.
Commenting on the inflationary outlook, analysts at Goldman Sachs said:
“In line with the CBR’s forecast, we think that inflation will fall to 12.0% by year-end and further towards the 4.0% target in Q1 2023 due to based effects. However, we think it will rise thereafter close to 7.0% by end year 2023 and the CBR will hike rates from the middle of next year.”
FocusEconomics panelists see inflation averaging 7.7% in 2023, which is unchanged from last month’s estimate, and 6.0% in 2024.
Russia - Inflation (eop) Data
|Inflation Rate (CPI, annual variation in %, eop)||12.9||5.4||2.5||4.3||3.0|
5 years of economic forecasts for more than 30 economic indicators.
Russia Inflation (eop) Chart
Source: Russian Federal State Statistics Service (Rosstat) and FocusEconomics calculations.
|Bond Yield||6.23||0.13 %||Dec 30|
|Exchange Rate||62.03||-0.12 %||Dec 30|
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November 24, 2022
Industrial output dropped 2.6% in year-on-year terms in October, which was above September's 3.1% decrease.
November 17, 2022
According to a preliminary reading, GDP slid at a slightly milder rate of 4.0% year on year in the third quarter, compared with the 4.1% contraction tallied in the second quarter.
November 9, 2022
Inflation fell to 12.6% in October, following September’s 13.7%.
November 3, 2022
The S&P Global Russia Services PMI Business Activity Index came in at 43.7 in October, down from September's 51.1.
November 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 50.7 in October, down from September's 52.0.