Annual inflation in Russia reached 6% in September and will continue to grow in the coming months, according to materials from the Central Bank of the Russian Federation.
“In September, consumer prices increased by 0.87%. On average, for the third quarter the monthly price increase was 0.96%, which in annual terms corresponds to 12.1%. Annual inflation continued to rise, reaching 6% (5.15% in August). According to the Bank of Russia’s forecast, annual inflation will continue to rise in the coming months,” the regulator says in its materials.
At the same time, the Central Bank noted that inflation in Russia in 2023 is near the upper limit of the forecast dated September 15 of 6-7%.
The Central Bank also emphasized that the effect of the transfer of the earlier weakening of the ruble into prices continued to be actively realized due to the continued high level of consumer demand, according to the Bank of Russia’s commentary on inflation.
“This was reflected in an increase in prices for foreign tourism, as well as for goods dependent on the exchange rate: cars, petroleum products, electronics, fruit,” the Central Bank emphasizes.
The ruble exchange rate against the three main traded currencies in September changed less significantly than in previous months, the regulator notes. The average monthly rate decreased by 1.4% against the US dollar and by 0.8% against the Chinese yuan, and strengthened by 0.7% against the euro.
Source: Rosbalt
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