Consumer prices in Russia continue to climb for the ninth week

Data released by the state statistics agency “Rostat” showed on Wednesday that consumer prices in the country continued to rise for the ninth consecutive week in November, driven by rising vegetable prices and air freight.

The agency said the consumer price index in Russia rose 0.11% in the week ending November 21, compared with 0.06% the previous week.

Since the beginning of the year, prices have increased by 10.86%, compared to 7.51% in the same period a year ago.

Last month, Russia’s central bank boosted expectations of ending the rate-cutting cycle, keeping the main interest rate at 7.5%. Analysts widely expect the Bank to keep rates unchanged at its December year-end meeting.

The bank aims to achieve inflation rates of 4% by 2024 and expects them to fall to between 5 and 7% next year.

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