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The MNI Russia Consumer Indicator bounced back in October, having fallen to a sixmonth low in September, led by a sharp rise in respondents’ willingness to purchase a large household item.
The rise of 2.1% on the month took the indicator to 99.4 in October from 97.3 in September, above the series average of 98.5. Since the series started in March 2013, it has remained broadly stable ranging between 97 and close to the 100 breakeven level, but never above it.
Both Current and Expectations indicators improved in October. The Current Indicator rose by 3.7% on the month to 99.3 in October, the highest reading since July. The Expectations indicator increased 1.1% on the month to 99.4.
The Durable Buying Conditions Indicator improved significantly to 107.5 in October compared with 96.3 in September, an 11.6% rise on the month. This was the first time the indicator has moved above 100 and left it 15.7% above the level when the series began in March.
Expectations for future business conditions also picked up, but both Current andExpected Personal Finances fell in October.
The Inflation Expectations Indicator hit a new record high in spite of the recent slowdown in consumer price inflation.
Commenting on the data, MNI Indicators Chief Economist Philip Uglow said, “Confidence rebounded in October following the September low, although the majority of people still felt financially worse off than a year ago.”
“Expectations for future inflation hit a new high in October which will do little to easethe central bank’s concerns over raised inflation expectations,” he added.
