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UPDATE 1-Russia cbank leaves key rates unchanged

* One-day fixed repo rate left at 6.50 pct

* Refi rate left at 8.25 pct

* Cbank concerned about core inflation

(Adds detail, comment from c.bank)

By Jason Bush

MOSCOW, Oct 5 (Reuters) - Russia's central bank kept key interest rates unchanged at its monthly policy meeting on Friday, indicating that inflationary risks remain and playing down signs of an economic slowdown.

This follows a 25 basis point increase in all rates last month.

This month, the fixed one-day repo rate, a de facto ceiling for the money market, was left unchanged at 6.50 percent, and the overnight deposit rate, a floor for interbank rates, at 4.25 percent.

The refinancing rate, the cost of overnight loans from the central bank, was held at 8.25 percent.

In a statement, the central bank said that the rate of consumer price inflation continues to increase, reaching 6.6 percent annually in September and exceeding the central bank's 5-6 percent target.

The central bank also said that while the rise in inflation was mainly the result of higher food prices and an increase in regulated utility prices, a continuing rise in core inflation showed that inflation processes are spreading to other consumer market sectors.

However, the central bank saw little evidence of significant inflation pressure from the demand side.

It said that despite some signs of an economic slowdown in August and a stabilisation in bank lending growth the stable state of the labour market and rising consumer credit would support domestic demand, keeping total output close to its potential.

"The risks of a significant slowdown in economic growth, connected with a certain tightening of monetary-credit conditions, are not great at present," the central bank said.

Russia's gross domestic product grew by 2.8 percent annually in August, a slowdown from the 4.0 percent growth seen in the second quarter.

(Reporting by Jason Bush; Editing by Lidia Kelly)

((jason.bush@thomsonreuters.com)(Tel: +7 495 775 1242))

Keywords: RUSSIA RATES/