Russia's Inflation Rate Up to 6.3% in October

In October, Russian annual inflation rate accelerated to 6.3 percent, from 6.1 percent in September, mainly due to a rise in food cost.
Krisztina Györffy | 11/6/2013 12:57:25 PM
On year-on-year basis, cost of food and non-alcoholic beverages rose 5.4 percent, up from 4.6 percent in the previous month. Prices of egg increased the most by 29 percent, followed by butter (+14.6 percent), milk and milk products (+11.6 percent) and bread and bakery products (+10.4 percent). In contrast, cost of meat and poultry declined 2.5 percent.

Similarly to the previous month, prices of alcoholic beverages and tobacco recorded the highest annual increase (up by 17 percent). Cost of housing, water, electricity and gas rose 8.6 percent, slightly down from 8.7 percent in the previous month. Cost of education went up 8.4 percent; prices of hotels and restaurants grew 8.1 percent, health cost rose 7.9 percent, and transportation increased 4.7 percent (down from 5.5 percent in September).

On a monthly basis, prices went up 0.6 percent. The drop in transportation cost (-0.3 percent) was not enough to offset a rise in prices of food and non-alcoholic beverages (+1.3 percent).

The average cost of a minimum food basket in Russia at the end of October of 2013 amounted to 2801.8 rubles per month. This represents a monthly increase of 1.6 percent and an increase of 7.2 percent since the beginning of the year, up from 5.5 percent in September.