Inflation Reaches 0.4% In September.

Cumulative January-September inflation is 7.1%. Concorde Capital: The CPI rate accelerated moderately in September after being flat (0%) in August. However, for the first time this year, the monthly CPI growth rate was lower than last year?s figure: 0.4% in Sep 05 vs 1.3% in Sep 2004. In 2004 consumer prices surged due to the sharp increase in social payments undertaken by Yanukovich?s government on the eve of the elections. The CPI rate in the first month of autumn may have been lower  because the increase in social payments was more gradual than last September and also because PPI growth rates dropped. We estimate annual CPI in 2005 at 13%.