Inflation rises in Russia to the highest level in six years in November

Inflation rises in Russia to the highest level in six years in November

Data from Rosstat showed that inflation in Russia rose to 0.46% in the week ending November 29, the highest level since early July, compared to 0.20% in the previous week, and annual inflation in Russia rose to a six-year high of 8.38 percent in November.

Russia has raised its key interest rate six times this year from a record low of 4.25% but annual inflation is still rising above 8% which is above the central bank's target of 4%. Russian President Vladimir Putin said inflation was a serious problem especially for low-income people and called for precautionary measures, and Central Bank President Elvira Nabiullina said this week that the key interest rate could rise from 7.5% by as much as 100 points at the December 17 board meeting.