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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  

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The real disposable income of Russians in the third quarter fell by almost 5% after a record drop of

8.4% in the second, Rosstat reported.

In September 2020, the monthly increase in consumer prices (as estimated seasonally adjusted) decreased to 0.25% compared to 0.38% in August, according to the next release of the information and analytical commentary “Dynamics of consumer prices”.

Consumer demand in the first seven months of 2020 in Russia decreased due to the coronavirus pandemic by an average of 6.7% relative to the result of January-July 2019.
Net capital outflow in January-August 2020 increased 1.7 times compared to the data for the same period last year – from $20 billion to $34.8 billion.
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