Annual inflation in Russia fell over the week to 7.58% – Kommersant

For the week from March 12 to March 18, inflation in Russia amounted to 0.06% after zero the week before, reported Rosstat. Annual inflation during this period decreased to 7.58% from 7.6%, according to data from the Ministry of Economy (.pdf). Since the beginning of March, prices have increased by 0.11%, since the beginning of the year – by 1.66%.

In the food products segment, prices decreased by 0.12%. In particular, prices for fruits and vegetables fell (-1.34%), including cucumbers (-8%), bananas (-0.4%). At the same time, beets (+1.6%), tomatoes (+1%), and carrots (+0.9%) went up in price. Prices for chicken eggs (-0.7%), buckwheat (-0.5%), pork, and chicken meat (-0.2%) decreased.

Inflation in the segment of non-food products amounted to 0.06%. Among drugs, analgesics (+0.7%) and Corvalol (+0.5%) became more expensive. The cost of TVs and sneakers increased by 0.9%, smartphones decreased by 0.7%. Prices for gasoline and diesel fuel remained virtually unchanged. The cost of air travel increased by 7%.

According to the forecast of the Bank of Russia, taking into account the current monetary policy, annual inflation in 2024 will drop to 4–4.5% and will remain close to 4% in the future. Central Bank awaitsthat the peak of annual inflation will occur in the second quarter. The regulator explains the forecast by the low base effect, since price growth slowed down in the spring of 2023.

Read more in the Kommersant article. “Inflation has peaked”.

Lusine Balasyan