Russia’s annual inflation rises to 7.4% in September – Bank of Russia

TASS Russian News Agency | Oct 13, 2021 at 6:55 PM

MOSCOW, October 13. /TASS/. Annual inflation in Russia in September increased to 7.4%, the dynamics of prices for fruits and vegetables played a large role in it, the Bank of Russia said on Wednesday.

"Annual inflation in September increased to 7.4%. Prices for fruits and vegetables played a significant part due to worsening weather conditions and the situation with the harvest. The inflation forecast will be updated along with the Bank of Russia's medium-term forecast based on the results of the Board of Directors meeting on the key rate on October 22. Additional one-off pro-inflationary factors may keep inflationary expectations at an elevated level for a longer time," the regulator noted.

According to the Bank of Russia, the increase in prices was majorly influenced by one-off factors: accelerated growth in prices for fruits and vegetables, the base effect in the dynamics of prices for education services, and international tourism.

Taking into account the current monetary policy, including future decisions on the key rate, annual inflation will decrease to 4-4.5% in 2022 and will remain close to 4% after.