Russia's producer inflation falls 1.9% in November

Producer inflation in Russia fell 1.9% in November, compared to the same month of last year, according to official data released on Wednesday.

The figure is a reversal from the annual gain of 0.8% recorded in October.

On a monthly basis, the industrial producer price index declined 0.4% in November, after falling 2.5% in October month-on-month.

The price of food production decreased 0.9% and coal mining fell 0.6% in November, compared to the previous month, according to the Federal State Statistics Service (Rosstat).

The price of production, transmission and distribution of electricity also declined 1.8% month-on-month.

Russia's central bank on Dec. 16 kept the key rate steady at 7.50%, but warned that inflation risks are up. It said inflation risks are a result of rising pressures from the labor market, worsening foreign trade conditions, and a softer fiscal stance.

While Russia's annual consumer inflation came in at 12% in November, easing from a 12.6% year-on-year gain in October, the central bank expects annual inflation to fall to 5%-7% range next year and then further decline to 4% in 2024.