Annual inflation in Russia fell to 6.6% in November

Annual inflation in November was 6.6%, down by more than 1 percentage point from the previous month, the Bank of Russia press service reported.

Compared to October, price increases for services and food products, including milk, cheese, butter, and fish products, slowed significantly. Fruit and vegetable prices fell 2% from their November 2024 high. After strong growth in previous months, gasoline prices fell. Vegetable, fruit, and egg prices increased less than usual in November. Sugar prices continued to decline. Non-food price increases also slowed. Annual inflation in the food sector in November was 7.5% (9.3% in October), non-food inflation was 3.5% (3.8% in October), and services inflation was 9.4% (10.4% in October).

As a reminder, the regulator's goal is to bring inflation to 4% by 2026.

Author: Elina Akhmetova