Monthly price growth resumes in September after three-month decline
In September, consumer prices edged up by 0.05% and seasonally adjusted prices were 0.28% higher than in August. The effect of pass-through of the ruble appreciation in the past spring to prices continued to reduce. At the same time, an increasingly noticeable support for demand was provided by the easing of monetary conditions that occurred this summer. The combination of increased costs and a smaller supply of some non-food goods turned out to be yet another driver of accelerated price growth.
However, the rate of growth in prices for most commodities remained low. It was constrained by conservative consumer behaviour, the expansion of food supply, a further pass-through of a stronger ruble to prices, and lower export prices.
Annual inflation has been slowing down for the fifth month in a row, reaching 13.68% in September. The monetary policy stance will create conditions for a further decrease in annual inflation to
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.