Russia: Inflation moderates in October
November 6, 2012
In October, consumer prices rose 0.5% over the previous month. The result came in below both the 0.6% increase recorded in September and market expectations of a 0.7% rise. The moderation stemmed from slower growth in the prices for services. As a result, annual headline inflation inched down from 6.6% in September to 6.5% in October, but remained above the 5.0% - 6.0% target range set by the Central Bank for this year. The core consumer price index, which excludes short-term price changes influenced by administrative and seasonal factors, rose 0.6% in October, an inch below the 0.7% rise recorded in September. Despite the moderation, annual core inflation stepped up from September's 5.7% to 5.8%, the highest reading in nine months. The government expects inflation to end the year at 7.0%.
Author: Armando Ciccarelli, Head of Data Solutions