Page 49 - RusRPTFeb24

4.0 Real Economy 4.1 Industrial production
Industrial Production in Russia increased 4.30 percent in November of 2023 over the same month in the previous year. Industrial Production in Russia is expected to be 6.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.
4.2 Inflation
According to Rosstat statistics, Russia’s annual inflation amounted to 7.42% in 2023. This is slightly below than the Central Bank’s prediction, which forecasted inflation would rise to 7.6% by the end of the year. However, inflation slowed in December, defying expert expectations and coming down slightly to 7.4% y-o-y (compared to 7.5% in November). This may have been due in part to the CBR hiking the key rate for the fifth time in a row on December 15. The Bank increased the rate from 15% to 16% in their continued effort to bring inflation down to the 4% target. “Current inflationary pressures remain high,” the Bank explained in its statement.
49 RUSSIA Country Report February 2024 www.intellinews.com