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Annual inflation in Russia speeding up to 6.99% — Economy Ministry

In the services sector, price growth rates dropped to 0.48% amid cheaper tourist services, the ministry noted

MOSCOW, November 10. /TASS/. Annual inflation in Russia accelerated over the week from October 31 to November 7, 2023 to 6.99% from 6.69% a week earlier, the Ministry of Economic Development said in its current price situation review.

"Inflation slowed down to 0.83% on the consumer market in October 2023. Inflation stood at 6.69% year-on-year. Price dynamics in the food sector made up 1.35%. In the nonfood segment, the price hike slowed down to 0.55% amid the price drop for motor gasoline and diesel fuel, and decelerated growth in prices for electrical and household appliances, building materials, and cars. In the services sector, price growth rates dropped to 0.48% amid cheaper tourist services (either in Russia or abroad), the ministry noted.

"Inflation totaled 0.42% during the first week of November and 6.99% year on year. Inflation amounted to 0.47% in the food segment, largely on account of fruits and vegetables. Prices hiked 0.63% in the nonfood segment, considering the rise in car prices," the ministry added.

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