"[Accrued] inflation was 7.8% as of November 14, down 1.8 percentage points from a year ago," said Alexei Ulyukayev, first CBR deputy chairman.
In 2005, inflation in Russia stood at 10.9%, according to the economics ministry.
The Russian government earlier adjusted its 2006 inflation target from 8.5% to 9%.
Ulyukayev said the CBR expects to keep inflation within the projected 9% in 2006, adding that "it might be even lower given a favorable set of circumstances."
However, he said that December could see a slight inflation spurt due to possible delays in meeting this year's target for budget spending, and that additional budget spending for 2006, recently approved by Russia's lawmakers, could affect inflation targets in early 2007.
Last week, Russia's lower house of parliament passed amendments to the 2006 budget in the first reading on allocation of extra revenues, with budget spending to be increased by $6 billion to $166 billion.
A forecast for the country's social and economic development until 2009, prepared by the Economic Development and Trade Ministry, projects inflation at 6.5%-8% in 2007, 4.5-6% in 2008, and 4-5.5% in 2009.
