Retail

Russian Weekly Consumer Prices Continue To Rise In November

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Consumer prices in Russia continued to rise for a ninth consecutive week in November, driven by higher costs of vegetables and air travel, data published by the state statistics service Rosstat showed on Wednesday.

Russia's consumer price index rose 0.11% in the week to 21 November, Rosstat said, up from a 0.06% rise a week earlier.

Since the start of the year, prices have jumped 10.86% - up from 7.51% at the same point a year ago.

On Wednesday, Rosstat said that prices of vegetables such as cucumbers and tomatoes had risen, and the cost of an economy class flight ticket was also up by 3.2% from a week ago.

Inflation

The Russian central bank last month raised expectations it would end its rate-cutting cycle, as it held its key rate at 7.5%. Analysts widely expect the key rate to be kept unchanged at the year-end central bank's board meeting in December.

The central bank targets inflation at 4%, which it aims to achieve by 2024. It has forecast inflation to fall to 5%-7% next year.

Elsewhere, Rabobank said in its latest report that prices of agricultural commodities like coffee, feed grains and oilseeds could dip next year as many major economies enter recession, but they will remain high in historic terms.

The bank said consumers face a darkening macro-economic picture, with energy shortages, geopolitical danger and ongoing shortages of some key commodities like wheat boding ill for global food security.

News by Reuters, edited by by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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