INSUBCONTINENT EXCLUSIVE:
Russia's annual rate of inflation unexpectedly slowed in December after ticking up continuously for seven months, official data showed
Friday, in a boost for the Kremlin ahead of elections.Inflation had been predicted by economists to rise in December 2023 but instead edged
down to 7.4% year-on-year, compared with 7.5% in November.Friday's figure is still well above the 4% target of the Central Bank, which
hiked interest rates to 16% last month in a bid to tame further price increases.Inflation has been a major concern for the Central Bank and
the Kremlin, which hopes to present the economy as an area of strength ahead of presidential elections this March.Worker shortages in the
wake of mobilization, when thousands of men were called up to the army or fled abroad, have also put further upwards pressure on prices.The
cost of living is a particularly sensitive issue in Russia, which has seen successive periods of inflation in the three decades since the
collapse of the Soviet Union.In December, Russia announced it was scrapping import duty on eggs after prices for the basic staple shot up by
some 40%, sparking concern among the public.
