Russia Inflation November 2016


Russia: Inflation plunges in November to lowest level in nearly four years

December 7, 2016

In November, consumer prices in Russia increased 0.4% from the previous month, which mirrored October’s reading. Higher prices were recorded for food products as well as clothing and footwear goods, while prices for services were flat compared to the previous month.

Inflation fell from 6.1% in October to 5.8% in November, which met market expectations and marked the lowest level since July 2012. Russia’s Central Bank has played an important role in bringing down inflation.

The inflation trend confirms the downward trajectory: annual average inflation fell from 8.5% in October to 5.8% in November.

The Central Bank expects that inflation is on track to fall between 5.5% and 6.0% at the end of this year. Russian monetary authorities are confident that inflation will be on track to reach the 4.0% target at the end of 2017. The Consensus view of a panel of analysts surveyed by FocusEconomics is not in line with the Central Bank’s assessment. Panelists see inflation ending 2016 at 6.0%, which is down 0.1 percentage points from last month’s forecast. For 2017, participants expect inflation to ease to 5.0%, which is also down 0.1 percentage points from last month’s forecast.

Author: Angela Bouzanis, Senior Economist

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Russia Inflation Chart

Russia Inflation November 2016

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Federal State Statistics Service (Rosstat).

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