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Russia’s annual inflation accelerates to 5.94% on September 26-October 2

"Price increase in the food items section dropped to 0.26% due to a slowing in the growth rate of prices for fruits and vegetables and other food products," the statement reads

MOSCOW, October 4. /TASS/. Annual inflation in Russia rose to 5.94% from September 26 to October 2 from 5.74% a week earlier, the Ministry of Economic Development said on Wednesday.

"In the week ending September 26, 2023, inflation fell to 0.21% (from 0.28% the previous week). The year-on-year price increase was 5.94%. Price increase in the food items section dropped to 0.26% due to a slowing in the growth rate of prices for fruits and vegetables and other food products. Price increase in the non-food group has also reduced to 0.08%, with gasoline and diesel fuel prices continuing to fall. Prices in the services sector grew by 0.27%, owing primarily to an increase in the cost of domestic airplane tickets," the statement said.

On September 12, the Ministry of Economic Development raised the forecast for inflation in Russia in 2023 from 5.3% to 7.5%.

The Federal Statistics Service (Rosstat) earlier reported that Russia's GDP for the second quarter of 2023 amounted to 39.39 trillion rubles ($395 bln) in current prices.

Earlier, the statistical service confirmed the preliminary estimate of Russian GDP growth in the second quarter of 2023 at 4.9% in annual terms. Compared to the first quarter of 2023, GDP grew by 8.6%.

The growth in the physical volume of GDP was due to an increase in domestic final demand by 10.1% compared to the second quarter of 2022, with a decrease in net exports, Rosstat reported.

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Economic Development Ministry Inflation

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