Seasonal increase of agricultural commodities prices in November was offset by a slowdown of paid services prices. Monthly non-food prices in November being the same level as in October along with the slowing of services prices led to the stabilization of consumer inflation at the level of 0.7% mom. In annual terms, inflation slowed to 8.7% vs. 8.9% in September and October 2021. We expect a moderate rise in prices in December this year, which, combined with the “high base effect” at the end of last year, will lead to slowdown of inflation to 8.6% yoy.
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