By Swann Collins, investor and consultant in global affairs – Eurasia Business News, October 23, 2021

In annual terms, inflation in Russia in September 2021 accelerated to 7.40% (maximum since June 2016) from 6.68% at the end of August, 6.46% at the end of July, 6.50% at the end of June, 6.02% at the end of May, 5.53% at the end of April, 5.79% at the end of March, 5.67% at the end of February. At the end of January, inflation was 5.19%, at the end of December – 4.91%. All data come from Rosstat, the official Russian statistics agency.

In January-September 2021, prices increased by 5.32% (in January-September 2020, the rise in prices was much lower – 2.88%, including in September last year there was a deflation of 0.07%).

Inflation in September turned out to be higher than analysts’ expectations.

Earlier the Russian Minister of Economic Development Maxim Reshetnikov told journalists that the Ministry raised the forecast for inflation in Russia in 2021 to 7.4% from 5.8% amid rising prices for food products.

At the same time, the monetary components of inflation – non-food products, services – seem to gradually stabilize. This results from the several increases in the key rate by the Bank of Russia over the year and the gradual strengthening of the ruble amid rising oil prices.

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© Copyright 2021 – Swann Collins, investor and consultant in global affairs.