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Russian Federation

September inflation growth largely driven by rising fruit and vegetable prices

In September 2021, annual inflation increased to 7.40% in the Russian Federation. This growth is mainly attributed to the situation in certain food markets. According to data from the Bank of Russia and analytical commentary Consumer Price Dynamics, unfavorable weather conditions certainly adversely impacted the harvest of vegetables, and prices for services continued to fluctuate significantly.

Elevated inflationary pressure is associated with a rise in demand exceeding the expansion in the output of goods and services as well as higher prices in global commodity markets and logistics problems worldwide. In September, annual growth in prices for certain food goods and motor cars maintained an upward trend.

Considering the new data, the inflation forecast will be adjusted together with the Bank of Russia's mid-term forecast. Given the current monetary policy stance, including future key rate decisions, annual inflation will edge down to 4.0–4.5% in 2022 and stay close to 4% further on.

Source: cbr.ru


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