Inflation in Russia will slow down to 7.8-8.2% in November, and there is a risk of price increases in non-food products. Petr Shcherbachenko, associate professor at the Financial University under the Government of the Russian Federation, told socialbites.ca.
“Due to the decrease in food prices, it is possible for inflation to slow down to the range of 7.8-8.2 percent in November 2024. However, the risk of increasing prices in non-food products continues due to import problems and increasing costs. Increasing the key interest rate to 20% in October at the next board meeting of the Central Bank of the Russian Federation could help slow down inflation. “Food inflation, including agricultural inflation, is a continuous increase in food prices caused by factors such as rising costs and foreign exchange fluctuations,” he said.
Shcherbachenko added that non-food inflation refers to increases in prices of goods such as clothing and electronics and may be linked to changes in raw material and logistics costs.
According to Rosstat, annual inflation in Russia fell from 9.05% in August to 8.63% in September. While the prices of oranges increased by 14.8%, cucumbers by 6.3% and lemons by 2.6%, the prices of cabbage (-23.8%), carrots (-17%) and potatoes (-15.8%) decreased. Despite the 4.17% decrease in fruit and vegetable prices in September, food product prices increased by 0.34%. Food prices increased by 9.15 percent on an annual basis. Prices of non-food products increased by 0.62%, and prices of services increased by 0.51%.
Previously reportedthat butter has become cheaper in Russia.
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Source: Gazeta
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