Annual inflation in May accelerated to 2.51%
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Annual inflation in Russia accelerated to 2.51% in May, according to Rosstat data. Compared to April, prices increased by 0.31%. Annual inflation in April was 2.31%.
According to the statistical office, a significant impact on the price dynamics had a reduction in the cost of fruits and vegetables. So, for the reporting period, cucumbers fell in average by 37.4%, tomatoes – by 26.1%, bananas – by 5.5%. At the same time, white cabbage rose in price by 86.6%, carrots – by 21.4%, lemons – by 11.4%. Chicken eggs fell in price by 6.9%, buckwheat – by 3.3%, sunflower oil – by 1.9%. Sugar rose in price by 6%, chicken meat – by 5.4%, lamb – by 4.7%.
Prices for gas motor fuel increased by 25.6%, for gasoline – by 1%, for diesel fuel – by 0.1%. The price of medicines went up by 0.3%. In addition, there has been an increase in prices for toothpaste, matches, hand sanitizers and dry pet food.
At the end of April, the Bank of Russia improved its forecast for inflation and the rate of recovery of the Russian economy in 2023. The regulator now expects GDP growth of 0.5-2%, although back in February it predicted a decline. According to the Central Bank, inflation in 2023 will be 4.5-6.5%, in February it was expected at the level of 5-7%. According to the regulator’s forecast, in the second quarter inflation will be at the level of 3.6%, and by the end of the year it may reach 4.5-6.5%. In 2024, inflation will reach a plateau.
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