Russian Weekly Consumer Prices Continue to Rise in November | So Good News
Consumer prices in Russia continued to rise for the ninth week in November, led by higher prices for groceries and air travel, government statistics published by Rosstat showed on Wednesday.
Consumer prices in Russia rose 0.11% in the week to 21 November, Rosstat said, from a rise of 0.06% in the previous week.
Since the beginning of the year, prices have jumped 10.86% – from 7.51% at the same time last year.
On Wednesday, Rosstat reported that the prices of vegetables such as cucumbers and tomatoes have increased, and the price of an economy class plane ticket also increased by 3.2% from the previous week.
Russia’s central bank last month raised expectations that it will end its rate cut, as it kept its interest rate on hold at 7.5%. Most analysts expect interest rates to remain unchanged at the Central Bank’s board meeting in December.
The central bank wants inflation at 4%, which it wants to achieve by 2024. It predicts that inflation will fall to 5%-7% next year.
Elsewhere, Rabobank said in its latest report that the prices of agricultural products such as coffee, oilseeds and oilseeds may fall next year as many major countries are in trouble, but they will be at historic highs.
The bank said that consumers are facing severe economic crisis, lack of energy, global crisis and lack of other important products such as. wheat threats to global food security.
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