Russia Inflation Decelerates to 6.1% in September

In September of 2013, Russian annual inflation decelerated to 6.1 percent, the lowest rate in 13 months, mainly due to a sharp drop in housing cost. From August to July, prices went up by 0.2 percent, after rising 0.1 percent in the previous month.

On year-on-year basis, prices of food products rose 4.6 percent, slightly down from 4.7 percent recorded in August. Cost of eggs increased the most by 13.2 percent, followed by butter (went up by 12.9 percent), bread and bakery products (rose 12.2 percent) and milk and milk products (increased by 10.5 percent). In contrast, cost of meat and poultry declined by 1.9 percent, while prices of fruits and vegetables went down by 1.4 percent.

Similarly to the previous month, prices of alcoholic beverages and tobacco recorded the highest annual increase (up by 17.1 percent, down from 17.5 percent in August). Cost of housing, water, electricity and gas rose by 8.7 percent, down from 10.8 percent in the previous month. Cost of education went up 8.5 percent, health cost rose 7.6 percent, transportation increased 5.5 percent (slightly down from 5.7 percent in August). 

From July to August, food prices declined 0.1 percent, mainly due to a drop in cost of fruits and vegetables and sunflower oil. 

The average cost of a minimum food basket in Russia at the end of September of 2013 amounted to 2758.2 rubles per month. This represents a monthly decrease of 2.8 percent and an increase of 5.5 percent since the beginning of the year, down from 8.6 percent observed in August.

Russia Inflation Decelerates to 6.1% in September

Krisztina Györffy |
10/4/2013 1:57:15 PM