Annual inflation declines to 6.6% in November
This is significantly lower than in October (7.7%).
Seasonally adjusted monthly price growth slowed to 2.2% in annualised terms.
Following a substantial rise in the previous months, petrol prices declined. November saw a lower increase in prices for fruit and vegetables, and eggs than usual. Prices for sugar continued to go down.
Measures of seasonally adjusted underlying inflation mostly went down in November. Nevertheless, average price increases over the three months (September to November) for most of these goods remained above 4%.
The Bank of Russia will maintain monetary policy tight enough to return inflation to the target of close to 4%.
More details are available in the new issue of the information and analytical commentary Inflation in Russia.