Inflation speeds up in September
Annual inflation picked up to 6.0% in September. Seasonally adjusted month-on-month price growth was also on the rise. Persistent inflationary pressures continued to gradually increase under the impact of growing consumer demand.
Goods with traditionally changeable prices appreciated noticeably. Transport, foreign tourism, education and communications services contributed the most to the inflation increase. However, it was contained by the falling cost of domestic tourism services.
Annual inflation will continue to rise in the coming months. By the end of 2023, it will be close to the upper bound of the Bank of Russia’s forecast as of 15 September:
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.