Page 45 - RusRPTDec23
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4.2.2 PPI dynamics
Russian producer price index rises 2% in October. Producer price inflation in Russia surged to 21.6% year-on-year in October of 2023, the highest since April 2022 and accelerating from the 17.6% rate from the previous month amid the country’s labour force crisis and capacity pressure for oil refiners.
The developments were also in line with the Bank of Russia’s signals of increasing inflationary pressure in the Russian economy.
Producer inflation accelerated for mining (56.9% vs 41.2% in September), manufacturing (13.5% vs 10.9%), and the provision of electricity, gas, and steam (9.2% vs 7.1%). On a monthly basis, producer prices rose by 2%.
4.3 Industrial sectors and trade 4.3.1 Producers PMI
45 RUSSIA Country Report December 2023 www.intellinews.com
The seasonally adjusted S&P Global Russia Manufacturing Purchasing Managers’ Index was unchanged at 53.8 in November, as the Russian economy continues to grow well above potential thanks to the military Keynesianism of heavy state spending on defence. Manufacturing has now expanded for 19 months in a row – the duration of the war. (chart)
