OREANDA-NEWS. On July 16, 2009 Rosstat issued a report about PPI in June, according to which producers’ prices rose by 2.2% MoM (+10% YTD), reported the press-centre of OTKRITIE FC.

When compared to annual figures, there was a decline of 9.4%, which is understandable given the that last summer oil prices were moving to historical highs. Last month the highest growth was in mineral extraction (+5.3% MoM), due to oil prices that were over 20% higher than in May (Urals average).

Growth on the domestic market was less impressive, but nonetheless its contribution to overall PPI was obvious. In manufacturing, prices stagnated, staying almost unchanged. The exception here was the production of petroleum products and coke, where prices climbed by 14%.

View: We view these figures as positive since the prices do not indicate a sharp decline of demand. This provides grounds to hope that the industrial slump is abating.