Inflation in Russia
Russia - Inflation (end of period)
Inflation remains steady in December
Consumer prices rose 0.82% over the previous month in December, which was below the 0.96% rise logged in November. December's result marked the weakest reading since September.
Inflation was stable at November's 8.4% in December. Meanwhile, the trend pointed up, with annual average inflation coming in at 6.7% in December (November: 6.4%). Lastly, core inflation ticked up to 8.9% in December, from November’s 8.7%.
Commenting on the result on the inflationary and monetary policy outlook, Artem Zaigrin, chief economist at SOVA Capital, noted:
“The high base effects start pushing the yoy inflation rate down. However, the main question is how fast the normalization process could occur. The current inflation run rate suggests that YE22 CPI could end the year at 5.1% yoy with an average rate of 6.8% yoy. If the first weeks of 2022 show few signs of deceleration, CBR will likely tighten the stance more, by 50bs to 9.00%, with risks of more extensive hikes skewed to an upside.”
FocusEconomics panelists see inflation averaging 6.2% in 2022, which is up 0.8 percentage points from last month’s estimate, and 4.2% in 2023.
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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January 17, 2022
Merchandise exports soared 62.4% annually in November, marking yet another month of marked growth (October: +62.8% year-on-year).
January 3, 2022
The IHS Markit Services Purchasing Managers’ Index (PMI) rose to 49.5 in December from November's 47.1.
December 29, 2021
Consumer prices rose 0.82% over the previous month in December, which was below the 0.96% rise logged in November.
December 29, 2021
The IHS Markit Manufacturing Purchasing Managers' Index (PMI) fell to 51.6 in December from November's 51.7.
December 22, 2021
Industrial output grew 7.0% compared to the same month of the previous year in November, which followed October's 7.4% increase.