Russia September CPI Rises 0.35% MoM, Above 0.30% Forecast

The upside surprise is broader than the headline: core prices accelerated faster than the overall index, a sign that underlying inflation pressure is not fading. That matters for the rate path, since it complicates any easing narrative and keeps real borrowing costs in focus. The open question is whether this is a one-month bump or the start of a firmer trend, with the next prints and any policy signal the key markers to watch.