In September, monthly price growth increased after adjusting for seasonal factors, mainly due to the influence of temporary factors that push prices up. Despite these temporary pressures, the underlying inflation rate, which excludes one-off effects, remained largely unchanged and stayed above 4%.
Economic activity showed a continued slowdown during the third quarter of the year, but this trend was not uniform across all sectors.
The Bank of Russia stated that maintaining tight monetary conditions is necessary to ensure that price growth slows down steadily and reaches a sustainable level of 4% by 2026.
Further information is available in “Talking Trends,” a bulletin published by the Bank of Russia.
