CPI in November; banking liquidity update; FX market snapshot

November\'s reading of monthly headline inflation statistics showed once again-for the third month in a row-a very slow pace of the consumer price increase, against the norm from a historical perspective for this period of year (the autumn months). The state statistical office reported a 0.1% month-on-month growth in CPI, thanks to stable food prices and a 0.1% monthly decline in utilities prices (here we see a kind of moratorium on the part of authorities to leave, electricity and natural gas prices, for example, untouched for the sake of not inciting public anger on the eve of elections, to be held next fall).

Year-on-year CPI was down to 5.2% YoY in November from 5.4% YoY in October (see left-hand chart below). At the same time, the producer price index was up 0.6% MoM, after a 1.8% monthly decline the previous month, and the annual pace of PPI accelerated by 0.9ppt, to 17.3% YoY from 16.2% YoY in October.
Read full comment in the attachment (10 pages, PDF file 1051KB)