Dec 11 (Reuters) - Russia's Monthly Inflation Accelerated Quicker Than Analysts' Expectations to 1.43% in November, Data Showed on Wednesday, Cementing Strong Expectations That the Central Bank Will Hike Interest Rates Again When It Meets Next Week.
Analysts Polled by Reuters Expect Russia's Central Bank to Raise Its Key Rate by Another 200 Basis Points to 23% on Dec. 20. the Rate Is Already at Its Highest in More Than 20 Years as Moscow Grapples With Persistent Inflation Fuelled by Rouble Weakness, Strong Government Spending and Robust Consumer Demand.
Russia's Consumer Price Index (CPI) Rose 1.43% on a Monthly Basis in November After a 0.75% Increase in October, Statistics Service Rosstat Said on Wednesday. in Year-on-Year Terms, Inflation Was 8.88%, up From 8.54% in October.
Both Increases Were Above Analysts' Expectations of 1.3% and 8.7% in a Reuters Poll. Rosstat Also Reported That Consumer Prices Jumped Again on a Weekly Basis, up 0.48% in the Week to Dec. 9 After Surging 0.50% a Week Earlier.
Food Prices Have Been the Main Driver of Inflation, Particularly Vegetables and Dairy Products. in the Last Week, Chicken and Eggs Accounted for the Largest Jumps. President Vladimir Putin Was Forced to Apologise for Higher Egg Prices This Time Last Year.
Rosstat's Data Also Showed That Prices for Household Appliances, Electronics and Foreign Cars Have Risen Sharply in Recent Weeks as the Rouble Has Weakened Significantly.
Inflation so Far This Year Has Now Reached 8.76%, the Data Showed, Exceeding the Upper Boundary of the Central Bank's Year-End Forecast Range of 8-8.5%, Which Was Raised for the Third Time This Year at the End of October.
Putin Last Week Urged the Government to Coordinate With the Central Bank on Curbing High Inflation, While Central Bank Governor Elvira Nabiullina Warned There Was No Time to Waste in Trying to Bring Inflation Back Towards the Bank's 4% Target.
Rosstat Gave the Following Details:
Russian CPI | Nov 24 | Oct 24 | Nov 23 |
Mth/Mth Pct Change | +1.43 | +0.75 | +1.11 |
- Food | +2.33 | +1.23 | +1.55 |
- Non-Food | +0.51 | +0.68 | +0.53 |
- Services | +1.31 | +0.21 | +1.23 |
Y/Y Pct Change | +8.88 | +8.54 | +7.48 |
Core CPI Y/Y Pct Change | +8.28 | +8.18 | +6.36 |
Note - for Key Russian Indicators Click Here 0#Econallru.
(Reporting by Darya Korsunskaya; Editing by Alexander Marrow and Ros Russell)
