Annual inflation drops to 7.7% in October

The seasonally adjusted annualised rate of monthly price growth rose to 7.1%, mainly due the acceleration of underlying inflation.

One-off factors also continued to make a substantial contribution to inflation. Prices for petroleum products were still rising fast. Fruit and vegetable prices were growing more quickly than usual during this season.

The Bank of Russia will keep monetary conditions as tight as required to return inflation to the target, which is close to 4%.

More details are available in the new issue of the Bank of Russia’s information and analytical commentary Inflation in Russia.