Russian inflation keeps pace in November, private sector rebounds slightly: macro snapshot
The annual inflation rate in Russia reached 8.39% in November, virtually unchanged from 8.4% the previous month, according to data from the country’s Federal State Statistics Service.
The rise in prices was in part due to rising food costs, which rose 10.6 percent. Prices for non-food products also rose 8.6 percent.
Services saw a lower peak, increasing 5%.
In monthly terms, the inflation rate decelerated slightly to 0.82% in November from 0.96% the previous month, according to official data.
Moreover, the country’s private sector saw a slight recovery in December, as its purchasing managers index rose to 50.2, from 48.4 the month before, IHS Markit said.
The expansion of production comes from the manufacturing sector.
The rate of cost inflation has also skyrocketed, as manufacturers and service providers face higher input prices.
“The headwinds facing Russian private sector companies will be significant until 2022, as high inflation, growing cases of COVID-19 and weak demand threaten the near-term outlook,” said SiÃ¢n Jones, economist principal at IHS Markit.
She added: “At the composite level, business confidence has fallen to its lowest point since October 2020.”
UK house prices
UK house prices rose 1% mo on December and 10.4% yoy, reaching the largest increase for a calendar year since 2006.
The average house price has reached an all-time high of Â£ 254,822 ($ 343,296.20). Meanwhile, the recovery of the housing market in Britain has been supported by the tax exemption for buyers and the continued demand for real estate.
South Korea’s industrial production
South Korea’s industrial production jumped 5.1% in November on a monthly basis, while auto production rose 11.3%.
Production also rose 5.9% year-on-year, beating growth forecasts of 3.2% in a Reuters poll.
A 10% increase in purchases of industrial supplies pushed the US trade deficit to a record high of $ 97.8 billion in November, widening 17.5% from the previous month, corrected preliminary estimates show seasonal variations.
Imports, as a whole, increased 4.7% in November to $ 252.4 billion. Purchases of foreign motor vehicles and food products rose 4.5% and 3.4% respectively, US Census Bureau data showed.
Despite a 4.3 percent increase in food shipments from the United States, overall exports fell 2.1 percent from the previous month to $ 154.7 billion. Sales of industrial supplies and motor vehicles also fell 2.3%.