Annual inflation accelerated to 6.69% in October

In Russia, at the end of October, consumer prices increased by 6.69% in annual terms after 6% in September, according to Rosstat data. In monthly terms, inflation accelerated to 0.83%, a month earlier the figure was 0.87%.

An increase in consumer prices of 0.9% or more was recorded in 45 regions of Russia. In Moscow, prices for the month increased by 0.6%, in St. Petersburg – by 0.8% (from the beginning of the year – the price increase was 5.5% and 4.9%, respectively).

Food products in October rose in price by 1.35% compared to September, an annual increase of 6%, non-food products – by 0.55% in monthly terms and by 5.08% compared to last year. Services increased in price by 0.48%, by 9.92% in annual terms.

Prices for fruits and vegetables increased by 23.99% y/y, in monthly terms – by 1.91%. The increase in prices for tomatoes is at the level of 31.1%, garlic – by 8.5%, bananas – by 5.8%, oranges – by 3.6%, grapes – by 2.1%. Prices for potatoes, in turn, decreased by 8.9%, white cabbage – by 7.7%, carrots – by 6.6%, apples – by 6%, lemons – by 2.4%, table beets – by 2.3%.

Gas motor fuel prices increased by 1.3%. Gasoline prices decreased by 1.6%, diesel fuel – by 1.5%. Prices for drugs that are not vital and essential increased by an average of 1.2%: for multivitamins – by 4.5%, sinupret – by 4.3%, sulfacetamide – by 3.3%, allohol – by 2.2%, etc. Prices for levomekol and rengalin decreased by 0.4%.

Life-saving drugs became more expensive on average by 1%: an increase was noted for acetylsalicylic acid (4.7%), acetylcysteine ​​(ACC, 2.1%), furosemide (2%), ceftriaxone (1.8%), aminophylline ( 1.7%), ascorbic acid and xylometazoline (1.4%), glycine and ambroxol (1.2%). Price reductions were recorded for suprastin (0.4%) and bisoprolol (0.2%).

Previously Rosstat reportedthat weekly inflation in Russia from October 17 to October 23 accelerated to 0.24%. The Ministry of Energy specified that in annual terms, price growth accelerated to 6.59% from 6.38%.

On October 27, the Board of Directors of the Bank of Russia raised the key rate for the fourth time – by 2 percentage points to 15%. In its release, the Central Bank explained the need to tighten monetary policy by the fact that current inflation pressure has increased significantly and is exceeding the regulator’s expectations. The Central Bank also updated its forecast for annual inflation. Now the regulator expects inflation in the range of 7-7.5% (last year it was 6-7%) for this year. In 2024 it will drop to 4–4.5% and will remain close to 4% in the future.