CPI monitor: Excessively smooth slowdown

Inflation decelerated to 0.20% WoW over the November 14-20 period from 0.27% WoW in a 7-day format the previous week. The deceleration of CPI was driven by slower growth in prices for airline tickets. However, inflationary pressure remains in place in the food segment (vegetables, eggs and bread) and services (household services, transportation and recreation). Consumer activity, which remains high despite monetary tightening, is making another key rate hike more likely in December. That said, the population continues to gradually switch to savings mode: cash is returning to bank accounts, while stable CPI components remained at a relatively low level for the second straight week.