Annual inflation in Russia accelerated to 2.41%
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From May 23 to May 29, prices in Russia rose by 0.08%. Inflation in annual terms amounted to 2.41%, informs Ministry of Economic Development. In the week from May 16 to May 22, annual inflation also accelerated and amounted to 2.36% after 2.34% and 2.32% in the previous two weeks.
Over the week, prices in the food products segment decreased by 0.03% due to cheaper fruits and vegetables (-1.67%). Prices for other food products continued to rise, including meat and sugar.
Growth in prices for household appliances and electronics resumed (+0.23%) due to higher prices for smartphones. Detergents and cleaning products, building materials, cars have risen in price.
In the segment of regulated, tourist and personal services, the price growth amounted to 0.19%. In particular, tourist services (+1.2%) and sanatoriums (+0.39%) went up in price. The growth rate of prices for air tickets for domestic flights slowed down (+1.89% after 2.19% a week earlier).
At the end of April, the Bank of Russia improved the forecast for inflation and the rate of recovery of the Russian economy in 2023. The regulator now expects GDP growth of 0.5-2% for the year.
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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