Russia: Inflation moderates for a fourth consecutive month
October 5, 2011
In September, consumer prices were flat over the previous month, as lower prices for food products and services were compensated by higher prices for non-food products. The reading contrasted the 0.2% drop recorded in August but was down from the 0.8% increase recorded in the same month last year. As a consequence, annual headline inflation fell from 8.2% in August to 7.2% in September, marking the fourth consecutive drop in inflation and the lowest reading since September 2010. That said, the core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 0.5% in September, inching up from the 0.4% increase recorded in August. Despite the monthly increase, annual core inflation dropped from August's 8.0% to 7.4% in September. The government is aiming for inflation to end the year between 7.0% and 7.5%.
Author: Armando Ciccarelli, Head of Data Solutions