MOSCOW, December 8 Inflation in Russia in November accelerated to 1.11% from 0.83% in October, in annual terms — to 7.48% from 6.69% a month earlier, Rosstat reported on Friday.
“In November 2023, compared to October 2023, the consumer price index amounted to 101.11%, compared to December 2022 – 106.64%,” the document says.
Inflation for November at 1.11% was the highest in 2023 (in September, monthly price growth was 0.87%) and since April 2022 (then monthly price growth was estimated at 1.56%).
Food inflation in November was at 1.55% in monthly terms; in annual terms, food prices increased by 7.21%. Over the past month, prices for non-food products rose by 0.53%, and in annual terms — by 5.58%. Prices for services in November increased by 1.23% compared to October; price growth year on year — 10.42%.
An increase in consumer prices of 1.2% or more was recorded in 25 regions of Russia. Prices increased the most (by 1.9%) in the Khanty-Mansiysk Autonomous Okrug — Ugra due to an increase in prices for services (by 4.2%) and food products (by 1.7%). In Moscow, prices for the month increased by 1.4%, in St. Petersburg — by 0.8% (from the beginning of the year, the price increase was 7.0% and 5.7%, respectively).
According to the forecast of the Ministry of Economic Development, inflation in Russia in 2023 will be 7.5%, in 2024 it will slow down to 4.5%. The day before, the head of the Ministry of Economic Development, Maxim Reshetnikov, told reporters that the ministry maintains its inflation estimate of 7.5% for 2023.