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. Last Updated: 07/27/2016

Inflation Rate Quadrupled

Russia's monthly inflation rate quadrupled in October, official figures showed Thursday, but economists said the rise was seasonal and did not signal the start of a new inflationary trend.


The State Statistics Committee said the monthly price rise in October was 1.2 percent, after 0.3 percent in September.


In August, prices actually fell 0.2 percent. The inflation rate has fallen fairly steadily since hitting 17.8 percent in January 1995.


"It would be wrong to think that this is a beginning of a new trend, rather than the continuation of a slowdown with a monthly pickup due to seasonal factors," said Al Breach, an economist with the London School of Economics.


"It is an autumn pickup in service prices. Firms come back and hike prices after the summer recess."


The increase in the inflation rate reflects a traditional increase in prices for services and fruit and vegetables after a summer decrease.