Over the last year, consumer prices in Russia increased by 8.0%, showing a slight slowdown compared to the 8.1% rise recorded in August. According to the Bank of Russia, the seasonally adjusted annualized rate of monthly price growth reached 6.7% in September, up from 4.0% in August. The central bank attributed this acceleration to temporary factors, such as a smaller-than-usual decline in fruit and vegetable prices after a significant drop during the summer.
Measures of underlying inflation, which exclude one-off factors, showed more moderate increases or remained close to levels seen in the previous month.
The Bank of Russia reiterated its commitment to returning inflation to 4.0% by 2026 and maintaining it near that target in the future.
“Bank of Russia’s monetary policy is aimed at bringing inflation back to 4.0% in 2026 and maintaining it close to this level further on,” the Bank stated.
Further information can be found in the latest issue of the information and analytical commentary Inflation in Russia.
