Russia's unemployment hit its highest in seven-months in December but remained well below 2009 highs and looked unlikely to deter the central bank from raising interest rates to fight inflation. The number of unemployed in Russia was 5.39 million at the end of December, taking the jobless rate to 7.2 percent from November's 6.7 percent the previous month, exceeding analysts' forecasts of a 6.8 percent rate.
The data underscores the fragility of the Russian economy's recovery since it suffered its deepest recession in 15 years, hit by the slump in the prices of key exports metals and oil in the wake of the global economic crisis. But, despite blips, the recovery continues. For 2010 as a whole, unemployment averaged 7.5 percent - higher than the 7.0 percent forecast by analysts but a definite improvement on the six-year peak of 8.6 percent recorded in 2009. Officials from the central bank and the Economy Ministry have acknowledged that it will be tough to meet the 2011 inflation target of 6-7 percent.