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Russia’s annual inflation reaches 6% in September — Bank of Russia

Annual inflation will continue to rise in the coming months, according to the regulator's forecast

MOSCOW, October 13. /TASS/. Annual inflation in Russia reached 6% in September and will continue to grow in the coming months, the Bank of Russia said on Friday.

"Consumer prices rose by 0.87% in September. The average monthly price increase in the third quarter was 0.96%, or 12.1% on an annual basis. Annual inflation rose to 6% (from 5.15% in August). Annual inflation will continue to rise in the coming months, according to the Bank of Russia's forecast," the regulator said.

The Bank of Russia also said that inflation in Russia in 2023 is near the upper limit of the September 15 forecast of 6-7%. "Inflation in 2023 is near the upper limit of the forecast dated September 15, 2023: 6-7%. Taking into account the current monetary policy, annual inflation will return to 4% in 2024 and will be close to 4% in the future," the regulator said.

The Bank of Russia emphasized that the ongoing tightening of monetary policy will restrain the excessive expansion of domestic demand and limit its pro-inflationary consequences.