Russia's producer price index (PPI) posted a shock 2.8 per cent monthly drop in October to pull the headline annual figure into single figures, official figures showed today.
Year-on-year growth in producer prices fell to 7.9 per cent in October from 12.4 per cent the previous month - and down from 17.6 per cent in the same month a year earlier.
Tim Ash, emerging markets economist at Bear Stearns, called the October PPI figure "remarkable" and said it could feed through into consumer price inflation before the year's end, bringing it below the government's 9 per cent target.