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After three consecutive monthly rises, the MNI Russia Consumer Indicator declined in September to the lowest level since the series started in March 2013.
The Consumer Indicator fell 2.5% on the month to 97.3 in September from 99.9 in August, below the series average of 98.4. A reading below 100 indicates that consumer conditions are weaker than a year earlier while a figure above 100 shows an improvement.
Three out of the five components which contribute to the Russia Consumer Indicator fell in September, led by a drop in Current Personal Finances which declined for the second consecutive month. Expectations for business conditions in a year and also five years both fell between August and September.
Concerns over inflation did not show any signs of easing in September. The Satisfaction with Current Prices Indicator remained broadly stable at 85.6 in September, but below the 100 breakeven level showing significant dissatisfaction with the current level of prices.
Commenting on the data, MNI Indicators Chief Economist Philip Uglow said, “Confidence dropped back in September as consumers felt the pinch of the economic slowdown.”
“The longer term outlook for business conditions deteriorated significantly as respondents doubted the government’s ability to boost growth, and saw the current economic malaise continuing for some time,” he added.
