Inflation Review. Third quarter 2023

The risks of a strong acceleration in price growth in 2024 are increasing despite continued low inflation in Q3-2023. Annual inflation in September updated its historical minimum value of 2.0% (YoY), and the annualized quarterly increase in consumer prices (seasonally adjusted) remained low: 5.3% (QoQ) in July–September 2023. Blanket price controls continued to prevent the increased inflationary pressures (due to domestic demand and wages) from being translated into actual price increases.