Annual inflation in Russia slowed over the week from 7.52% to 7.47% – Kommersant

The Ministry of Economy reported that annual inflation in Russia from December 5 to 11 slowed to 7.47% from 7.52% a week earlier. From the department’s report (.pdf) it follows that over the week consumer prices increased by 0.2%.

In the segment food products the price increase was 0.35%. At the same time, the growth rate of the cost of fruits and vegetables decreased to 1.84%. Chicken meat, pork, sugar and buckwheat also fell in price. However, egg prices continue to rise. Since the beginning of December, eggs have risen in price by 4.55%, and compared to the same month in 2022 – by 7.06%. Rosstat reported about the rise in price of eggs in at least 21 regions of Russia in November.

In the segment non-food products Over the past week, the Ministry of Economy recorded a price increase of 0.04%. Prices for gasoline decreased by 0.11%, while prices for diesel fuel, on the contrary, increased by 0.1%. Prices for cars and building materials have remained virtually unchanged.

According to the baseline scenario of the Bank of Russia, inflation in 2023 will be 7–7.5%, and will approach the target value of 4% in 2024. Head of the regulator Elvira Nabiullina spokethat inflation will decline in the spring of next year, but for several quarters it is necessary to adhere to tight monetary policy.

Read more about how the authorities are trying to curb the rise in food prices in the Kommersant article. “Food Conspiracy”.