New figures from Rosstat show that food price inflation in the Russian Federation rose to 1.35% in October 2023 on a month-to-month basis, marking a pickup from September’s 0.86%. The data were reported by RIA News, highlighting that annual food price growth accelerated to 6.0% in October, up from 4.78% in September, 3.58% in August, 2.23% in July, and 0.18% in June. Analysts note that the climb in food costs followed a broader pattern of price changes across consumer categories for the year. Rosstat also pointed out that non-food items rose by 0.55% in October relative to September, contributing to the overall consumer price dynamics for the month (Rosstat).
In a separate update about fuel, the average retail price of diesel increased by 1.7% in the week spanning early September to mid-September, reaching 62.64 rubles per liter. The shift is attributed to adjustments in the fuel damper mechanism, which lowered budget payments to oil companies and raised the possibility of further wholesale price increases (observations reported by industry monitors). Since the start of the year through September 11, gasoline prices in Russia advanced by approximately 8.5% while diesel rose about 7.3%, with inflation running at roughly 3.9% over that period (industry data and market commentary).
Meanwhile, the Central Bank of the Russian Federation has implemented a policy move, lifting the key interest rate to a new level of 15% to address evolving price pressures and to support economic stability. Market observers note that such a move can influence lending costs, consumer spending, and inflation trajectories in the months ahead (monetary policy statements).