Page 52 - RusRPTJan21

4.2​ Inflation
Russia’s CPI has risen 0.7% m/m since September, reaching 4.4% y/y in November.​ Prices were mostly driven higher by rising food costs with the cost of sugar soaring by 65% while in the non-food category the cost of medicines was up the most (9.8%). The rise in the cost of services was subdued (up 2.5% in November).
The rate of inflation is now over the CBR’s target rate of 4% for the year but is expected to come down again in the New Year.
In the short term, analysts expect the increased inflationary pressure to remain – by February, price growth may reach 4.5% y/y.
52 ​RUSSIA Country Report​ January 2021 ​ ​www.intellinews.com