Disinflation in Russia continues to give Moscow more room to stimulate the economy if necessary. If nothing else, this is a great bit of confirmation that the emerging markets inflation story is no longer top priority for traders or central markets. Russian consumer prices are up "only" 6.8% over the year ending in November. That would be obscenely high inflation for most countries, but this is Russia, where the higher oil prices get ( BNO , quote ), the faster the economy naturally inflates. Most analysts had expected a slightly higher number in the 7.0% range. Since the end of the Soviet era, inflation has trended in a 5% to 10% range -- extremely volatile, like everything else in Moscow's boom-and-bust oil-driven world. So in that context, this is a spectacular print, matched only by the 5% annualized rate that we saw last July. And that was right before the droughts started pushing grain prices higher, so the year-over-year comparison is even more attractive than it looks. Vladimir Putin has plenty of fuel here to stimulate the economy, whether to prevent any systemic slowdown or simply to win voters' favor . If oil prices surge , Russia will be swimming in money anyway. If they plunge , the central bank can free up money to keep the economy from freezing up. This is a positive for funds like RSX ( quote ) and theoretically good for the ruble down the road.