Russia Inflation November 2023

Russia: Inflation comes in at highest level since February in November

Inflation increased to 7.5% in November, following October’s 6.7% reading. November’s figure marked the highest inflation rate since February. The upturn as broad-based: Prices for food, non-food goods and services all rose at a faster pace mid-way through Q4.

Annual average inflation fell to 6.2% in November (October: 6.5%). Meanwhile, core inflation rose to 6.4% in November, from October’s 5.5%.

Lastly, consumer prices increased 1.11% from the previous month in November, accelerating from October’s 0.83% rise. November’s uptick marked the highest reading since April 2022.

Commenting on the inflationary outlook, analysts at Goldman Sachs said:

“The output gap is large and despite the signs of the slowdown the economy is in our view still growing well above potential growth and hence risks to the inflation outlook in our view remain to the upside. Furthermore, Russia will hold presidential elections in March that historically have come with some fiscal loosening and the hostilities in Ukraine are ongoing, suggesting that fiscal policy similarly to 2023 might be looser than currently planned.”

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