Annual inflation in Russia accelerated to 2.36%
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Annual inflation in Russia in the week from May 16 to May 22 slightly accelerated and amounted to 2.36% in annual terms after 2.34% and 2.32% in the previous two weeks. This is stated in review Ministry of Economic Development.
Weekly price growth again amounted to 0.04%. Rosstat appreciated inflation since the beginning of May at 0.13%, and since the beginning of the year – at 2.19%.
In the group of food products, prices decreased by an average of 0.02% due to a reduction in the cost of fruits and vegetables by 1.5%. Cucumbers, in particular, fell in price by 11.8%, tomatoes – by 7.3%, bananas – by 1.3%. At the same time, cabbage increased in price by 15.1%, and carrots – by 5.1%.
Non-food products on average became more expensive by 0.05%. Among the medicines observed by Rosstat, allohol rose in price by 0.5%, validol – by 0.4%, and Corvalol – by 0.3%. Gasoline prices rose 0.3% and diesel prices rose 0.1%. In the segment of travel services, price growth slowed down to 1.12% against the backdrop of a slowdown in the rate of appreciation of domestic flights and hotels. At the same time, household services rose in price by 0.11% after 0.02% last week due to higher prices for hairdressing services and car washing.
Earlier today, the Bank of Russia announced that inflation expectations of the population grew up in May by 0.4% after a decrease in the previous two months and amounted to 10.8%. The regulator recalled that it expects an increase in annual inflation in the Russian Federation from May due to the withdrawal from its calculation of low values of an increase in this indicator in the summer-autumn of 2022.
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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