The Central Bank of Russia estimated that most measures of underlying inflation remained within a 5-6% range in September, with demand playing a larger role than one-off factors. Fuel market conditions and the exchange rate continued to affect price dynamics, although their impact was less pronounced. Price growth slowed across a broad range of non-food goods, including clothing, footwear, furniture and construction materials, while electrical goods continued to record rapid increases. Food price growth accelerated but remained slower than in August, and services inflation stayed high. Monetary policy remains directed at returning annual inflation to the 4% target.
Central Bank of Russia estimates underlying inflation remained at 5-6% in September
The Central Bank of Russia estimated that underlying inflation measures mostly remained at 5-6% in September and were driven more by demand than by one-off factors. Non-food price growth broadly slowed, but electrical goods remained an exception, while food inflation accelerated and services inflation stayed high.