Page 44 - RusRPTDec23

4.2.1 CPI dynamics
According to Rosstat, in October consumer price growth amounted to 0.8% m/m which determined the acceleration of inflation to 6.7% y/y (6.0% in September).
Seasonally adjusted (SA) price growth, according to our estimates, slowed from 1.1% to the same 0.8% m/m, which is still a multiple above the target level of the Bank of Russia.
Last month, the contribution to price growth from non-food products decreased significantly, which was due to a decrease in prices for automobile fuel and a slowdown in the growth of prices for electrical and household appliances against the background of the strengthening of the national currency.
A key contribution to the dynamics of the past week was made by an increase in prices for domestic cars by 5.5% n/a, which coincided with an increase in AvtoVAZ retail prices. Otherwise, the growth in prices for fruits and vegetables significantly accelerated (more than doubling to 2.6% n/a), while prices for motor gasoline continued to decline for the sixth week in a row.
44 RUSSIA Country Report December 2023 www.intellinews.com