Annual inflation rose to 6.7% in October in Russia

Annual inflation rose to 6.7% in October. Sustained inflation pressure remains high. At the same time, seasonally adjusted price growth slowed compared to the previous month. Lower prices for certain goods and services facilitated this.

Goods, prices for which traditionally change frequently and intensely, have become noticeably cheaper. Thus, in October, foreign tourism services and motor fuel fell in price. Fuel prices fell due to export restrictions and changes in taxation parameters. The rise in prices for fruits and vegetables has also slowed significantly.

According to the Central Bank's forecast, annual inflation by the end of 2023 will be in the range of 7–7.5%. In 2022, annual inflation was almost 12%, and in 2021 - 8.4%.

Author: Elina Akhmetova