Bank of Russia: Inflation in October increased largely due to rising food prices
In particular, due to the decrease in yield, the rise in price of ground vegetables accelerated to high values. The annual growth rates of prices for food of animal origin (meat, dairy products) also increased, which was due to the pressure from costs, including the earlier increase in prices on world markets. An increase in food prices may significantly affect the inflation expectations of the population.
Monthly values (adjusted for seasonality) and annual indicators of stable price dynamics have increased. This indicated an increase in inflationary pressure, including due to the negative impact on the supply of bottlenecks in global production and logistics chains.
Inflation by the end of 2021 is expected in the range of 7.4-7.9%. Taking into account the monetary policy pursued by the Bank of Russia by the end of 2022, inflation will be 4.0-4.5%.
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