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Situation in certain food markets affects inflation in November

10 December 2020

In November 2020, annual inflation rose to 4.4%. The monthly growth rate of consumer prices also accelerated mainly due to one-off factors in certain food markets and as a result of the ruble's weakening in previous months, reports the latest issue of the information and analytical commentary 'Consumer Price Dynamics'.

The declined yield of sugar beet and sunflower caused an accelerated rise in the price of sugar and sunflower oil. Rising global prices exerted additional pressure. Car prices increased on the back of the exchange rate fluctuations.

The autumn rise in the coronavirus incidence did not lead to significant changes in consumer behaviour and price dynamics thanks to the targeted nature of the measures taken and the adaptation of households and businesses to new conditions.

As one-off factors' influence weakens and inflation expectations stabilise, the disinflationary effect of demand will become more pronounced. This will cause annual inflation to decelerate to 3.5–4.0% by the end of 2021.

Preview photo: Gornostay / Shutterstock / Fotodom
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