The Central Bank RF found no grounds for changing the refinancing rate

The refinancing rate remained at the level of 8,25 percent. The decision not to change the given value was accepted at the next session of the Board of Directors of the Bank of Russia on the basis of inflationary risks estimation and prospects of economic growth.

In October and the beginning of November annual rate of consumer prices gain slightly decreased, however remained higher than the target range on inflation: by estimation, as of November 6, it made 6,4 percent. Base inflation in annual terms made 5,8 percent in October, it is reported in the release by the department of external and public relations of the Central Bank RF. The observed increase of rise in prices rates taking into account influence on expectations of economic entities remains an essential source of inflationary risks. However retardation of rise in prices for a number of food products and increase of interest rates on monetary instruments carried out in September, 2012 by the Bank of Russia may promote formation of more moderate inflationary expectations. Thus significant pressure upon inflation fr om cumulative demand still is absent.

The following session of the Board of Directors wh ere monetary policy issues to be considered, it is supposed to spend in the first decade of December.