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.