Annual inflation in Russia fell below 3% from April 11 to April 17
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Annual inflation in Russia in the period from 11 to 17 April slowed to 2.82% after 3.15% a week earlier, says in the review of the Ministry of Economic Development “On the current price situation”.
On a weekly basis, inflation slowed to 0.04% from 0.11% the previous week. Since the beginning of April, the price increase has amounted to 0.21%, and since the beginning of the year – 1.88%, follows from data Rosstat.
According to the Ministry of Economy, the main contribution to the slowdown in inflation was made by a slowdown in price growth in the service sector (0.06%) due to cheaper air tickets (by 0.16% after a rise in price by 8.27%) and slower growth in prices for household services (0.06%). .04% after 0.16%).
In the food products segment, price growth accelerated from 0.03% to 0.08%. Fruit and vegetable prices rose by 0.66% after rising by 0.29% a week earlier. At the same time, prices for non-food products do not change for the second week, the Ministry of Economics noted.
On April 11, President Vladimir Putin, during a meeting with the government, indicated that inflation in annual terms by the end of April would fall below 3%. The fact that annual inflation in Russia will fall below 4% due to the high base effect of 2022. The Central Bank warned back in February.
Inflation in March 2023 was 3.51% in annual terms after 10.99% in February. The last time the consumer price index fell below 4% was in 2020 (it was 3.99% in October). Since the beginning of 2023, prices have increased by 1.67%.
According to the forecast of the Ministry of Economy (it should be updated in April), inflation is expected to reach 5.5% this year, and in 2024 it will drop to 4%. In accordance with the baseline scenario of the Central Bank, by the end of 2023, annual inflation will be 5.0-7.0%, after which in 2024 it will return to the target of 4%.
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