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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 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%.

Net capital outflow from Russia by the private sector by the end of 2020 increased 2.2 times compared to the same period last year and amounted to $47.8 billion.

The decline in foreign direct investment (FDI) in the Russian Federation in January-September 2020 amounted to about 80%, according to the report of the World Bank (WB).
Net capital outflow from Russia since the beginning of the year has approached $48 billion.
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