Russia: Inflation soars to highest level since December 2009
December 3, 2011
In November, consumer prices rose 0.8% over the previous month, which came in above October's 0.5% increase. Higher prices for food products were the primary drivers behind the reading. As a result of the monthly price spike, annual headline inflation jumped from 7.5% to 8.1%, which is the highest rate since December last year and was slightly above market expectations of an 8.0% increase. The core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 0.7% in November, lifting annual core inflation from 5.8% in October to 6.2% in November. On 30 November, Deputy Economic Development Minister Andrei Klepach stated that he expects inflation to end the year at 8.3%, while expecting year-end inflation to be around 7.0% in 2011.
Author: Armando Ciccarelli, Head of Data Solutions