In October, various measures of underlying inflation experienced a month-on-month increase. The acceleration in the prices of numerous products and services was noted. This high inflation is driven by strong domestic demand that surpasses the output of goods and services. To curb this trend, further tightening of monetary conditions is deemed necessary for inflation to begin slowing down again.
More information can be found in the latest issue of the Bank of Russia's information and analytical commentary on Consumer Price Dynamics.