Russia Inflation October 2022


Russia: Inflation plunges to lowest level since February in October

November 9, 2022

Inflation fell to 12.6% in October, following September’s 13.7%. October's result marked the weakest inflation rate since February. Decelerating price growth for food products and non-food products more than offset rising inflation in the services sector.

The trend pointed up, with annual average inflation coming in at 13.2% in October (September: 12.8%). Meanwhile, core inflation fell to 16.2% in October, from September’s 17.1%.

Lastly, consumer prices rose 0.18% in October over the previous month, accelerating from the 0.05% rise recorded in September. October's figure was the highest reading since April.

Commenting on the inflationary outlook, analysts at Goldman Sachs said:

“In line with the CBR’s forecast, we think that inflation will fall to 12.0% by year-end and further towards the 4.0% target in Q1 2023 due to based effects. However, we think it will rise thereafter close to 7.0% by end year 2023 and the CBR will hike rates from the middle of next year.”

FocusEconomics panelists see inflation averaging 7.7% in 2023, which is unchanged from last month’s estimate, and 6.0% in 2024.


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Russia Inflation Chart

Russia Inflation October 2022

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Federal State Statistics Service (Rosstat)

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