Inflation in Russia since the beginning of the year has exceeded 7%

In the week from November 16 to November 22, inflation in Russia almost did not increase compared to the previous week, amounting to 0.20%, follows from the message of Rosstat.

Since the beginning of November, inflation has reached 0.5%, since the beginning of the year it has exceeded 7% (7.02%).

In annual terms, inflation reached 8.05%, with food inflation exceeding 10% (10.54%), and fruits and vegetables - 20% (20.45%), the Ministry of Economic Development writes . "Prices for food products increased by 0.30%, while prices for fruits and vegetables continued to decline (-0.10% after -0.35%). Price growth in the non-food segment slowed down (0.19% after 0.31% ),” the ministry said.

• The target level of the Central Bank considers inflation around 4%, but now it is much higher. The Chairman of the Bank of Russia, Elvira Nabiullina, predicted a return to the neutral level of the key rate of 5-6% per annum no earlier than mid-2023 (now - 7.5%).
• The Central Bank assumed that inflation in Russia at the end of 2021 would be closer to the upper limit of the forecast range of 7.4-7.9%.