Bank of Russia warns of ongoing high inflation in Nov. ’24

The Bank of Russia does not yet see a sustained slowdown in inflation, with prices continuing to grow at a rapid pace in early November, said Kirill Tremasov, advisor to the central bank governor.

While October data showed a slight deceleration in overall consumer basket prices compared to September, stable inflation components saw an uptick in growth.

The inflation rate remained high from November 1 to 11, indicating persistent price pressures.

Tremasov noted a minor slowdown in mortgage disbursements, suggesting a return to a sustainable pace, but flagged “abnormally high” growth in corporate lending, which remains overheated.

Attribution: Reuters

Subediting: M. S. Salama