Consistent Inflation Rates in Russia Over Time

The Russian Ministry of Economic Development reported that annual inflation rose to 2.34% on May 15, compared with 2.32% on May 10.

The “current price situation” data released by the ministry states: “From May 11 to May 15, 2023, prices increased by 0.04 percent. On an annualized basis, inflation practically remained at the level of the previous week – 2.34 percent.”

The ministry indicated that food prices continued to decline, down 0.05 percent, due to continued declines in fruit and vegetable prices (-0.9 percent) and near-zero growth in other food prices (0.03 percent). ).

The ministry added: “In the non-food sector, prices increased by 0.04 percent, the same happened in the service sector, where prices rose by 0.19 percent, due to an increase in prices for tourism services, in connection with an increase in ticket prices for domestic flights.

In April, the Ministry of Economic Development improved the inflation forecast for 2023 from 5.5 percent to 5.3 percent.

In terms of dynamics between the two years, the ministry expects inflation to hit 3.6 percent year-on-year in June, accelerate to 4.7 percent in September and 5.3 percent in December. In the period from 2024 to 2026, inflation will be at the level of 4 percent.

The Bank of Russia expects inflation this year to be in the range of 4.5-6.5%.

Source: RIA Novosti

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