The benign price data came a day after Prime Minister Vladimir Putin's ruling party had its parliamentary majority cut in Sunday's election, potentially prompting higher state spending ahead of his bid to return to the presidency in March. The month-on-month rate of price growth, watched closely by policy makers, slowed to 0.4 percent in November from 0.5 percent in November and undershot expectations in a Reuters poll of economists of a rise of 0.7 percent. On a year-on-year basis, inflation slowed from 7.2 percent across a broad front as the so-called 'basis effect' of last year's drought-hit harvest flattered the current figures, putting the official year-end target of 7 percent within reach. There was little sign of inflationary pass-through from the rouble's 11 percent depreciation against the dollar since July, as an exodus by risk-averse investors drained liquidity on local money markets. "There is now a risk that inflation will surprise to the downside in December, with the year-end print falling even more than our own 6.8 percent forecast," Ivan Tchakarov, chief economist at Renaissance Capital, wrote in a flash note.