Russians have started to spend less.

      As reported by "Kommersant", in the period from November 17 to 23 real household spending was 0.2% lower than a year ago. This contrasts with October, when spending was still rising by about 2%. At the same time, in nominal terms (without taking inflation into account) spending increased by about 7% year on year. The increase was driven mainly by purchases of non-food goods — electronics, clothing and other consumer goods. Analysts note that people may be rushing to replace major purchases before a VAT increase. Spending on food, services and dining out, by contrast, is growing more slowly than before. This suggests that Russians are beginning to economize on everyday expenses. According to analysts at the Center for Macroeconomic Analysis and Short-Term Forecasting, the population assesses its financial situation increasingly poorly — this autumn such assessments reached a historic low. Economists regard this as a worrying sign: negative expectations can themselves amplify the decline in consumption. Nevertheless, in some segments the situation is gradually stabilizing. For example, inflation for low-income groups is gradually falling, and real pensions as of the end of September are still higher than a year ago.