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Inflation has slowed to 3.8%

Annual inflation in October fell to 3.8%, according to Rosstat. Over the month, consumer prices rose 0.1% after falling in August and September. 

Prices for foodstuffs in October increased by 4.6% in annual terms, for non-food products - by 1.4%. Buckwheat rose especially noticeably – by 7.3% compared with October last year, while in 48 entities, cereal prices increased even more. 

In November, the Ministry of Economic Development expects monthly inflation at 0.3%, and annual inflation at 3.5-3.6%. At the end of the year, the department predicts a decrease in inflation to 3-3.3%. 

Central Bank analysts believe that next January inflation will fall to 3% under the influence of disinflation factors and due to the withdrawal of the effect of increasing the VAT rate. The inflation will return to the 4% target by the end of 2020. 

 

Source: www.vedomosti.ru  

News
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

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