22.11.2016, 06:21
October sees slowdown in price growth for key goods and services
OREANDA-NEWS. Consumer sentiment continued to restrain inflation in October, which fed through to the slowdown in the price growth for key goods and services, especially nonfood products. This is reported in the eleventh release of Consumer Prices, information and analytical notes prepared by the Bank of Russia.
The decline in inflation continued to be largely assisted by temporary factors, i.e. the ruble exchange rate dynamics and large supplies of agricultural products amid bumper harvests.
However, unsteady price movements and the elevated inflation expectations of households point to persistent pro-inflationary risks.
Overall, in October annual inflation was in line with the Bank of Russia’s forecast, which implies that inflation will stay on the downward track to 5.5-6% by end-2016 and to the 4% target in 2017.
The decline in inflation continued to be largely assisted by temporary factors, i.e. the ruble exchange rate dynamics and large supplies of agricultural products amid bumper harvests.
However, unsteady price movements and the elevated inflation expectations of households point to persistent pro-inflationary risks.
Overall, in October annual inflation was in line with the Bank of Russia’s forecast, which implies that inflation will stay on the downward track to 5.5-6% by end-2016 and to the 4% target in 2017.
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