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When the Federal Reserve kept rates unchanged back in November for the second meeting in a row there was still the distinct possibility that the final meeting of 2023 would provide the possibility of one more rate rise to round off the year in line with Fed policymakers dot plot forecasts of 5.6%.
Russia Consumer Price Index Fell Below Expectations in November
Russia’s consumer price index (CPI) unexpectedly fell to 1.1% in November, down from 1.2% in October and below analyst expectations. The data was released today by Rosstat, the Federal State Statistics Service.
The main drivers of the decline were lower prices for food and beverages. Prices for these items dropped by 0.5%, while prices for fuel and lubricants, and housing utilities went up by 0.5% and 4.2%, respectively. On a year-over-year basis, Russia’s CPI grew 4.1%, which is also lower than the expected 4.2%.
Analysts had expected consumer prices to remain flat in November as the rising prices of food and transportation in the country were somewhat offset by falling prices in other categories such as clothing and entertainment. However, the data showed a surprising drop.
The data comes after Russia recently improved its macroeconomic health which was weakened by several years of unfavorable economic conditions. Inflation in Russia has risen steadily over the past year, due to an increase in food prices amid a weak ruble and increasing household consumption.
Overall, the data indicates an ongoing process of economic recovery. While the monthly data is slightly weaker than expected, the Russian economy remains on the path to long-term growth.