Inflationary pressure in Russia still moderate at present - Central Bank deputy governor

MOSCOW. Oct 17 (Interfax) - The level of inflationary pressure in Russia currently remains moderate, Russian Central Bank Deputy Governor Alexei Zabotkin told journalists at the State Duma.

"The level of inflationary pressure on the whole indeed remains moderate for now. It's obvious from looking at the details of the last week that the slowdown in rates of price growth is definitely related to fairly low rates of growth on a fairly wide range of goods that week," Zabotkin said.

According to the Russian Federal State Statistics Service (Rosstat), inflation totaled 0.03% in Russia between October 4 and October 10 following inflation of 0.07% and 0.08% the two weeks prior. Annual inflation slowed to 13.36% on October 10 from 13.68% at the end of September, 14.3% at the end of August, and 15.1% at the end of July.

The Central Bank expects to see inflation again in October.

"Rates of price growth for the month will nevertheless be positive by all appearance," Zabotkin said.

Inflation in Russia totaled 0.05% in September 2022 following deflation of 0.52% in August, 0.39% in July, and 0.35% in June and inflation of 0.12% in May, 1.56% in April, 7.61% in March, 1.17% in February, and 0.99% in January.