Underlying inflation measures stay broadly flat in September
According to Bank of Russia estimates, measures of underlying inflation mostly remained in the range of
The situation in the fuel market and the exchange rate still affected price dynamics, though this effect was less pronounced.
Growth in prices for a wide range of non-food goods slowed. The rise in prices for clothing, footwear, and knitwear was below the seasonal norm in September. Prices for smallware, furniture, and construction materials were growing more slowly. Contrastingly, prices for electrical goods were still rising fast.
Food prices were increasing at an accelerated pace but more slowly than in August. The growth rate of service prices remained at a high level.
The Bank of Russia’s monetary policy is aimed at bringing annual inflation back to its 4% target.
More details are available in the new issue of the information and analytical commentary Inflation in Russia.