Annual inflation in Russia slowed to 4.3% over the week
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Annual inflation in the week from March 21 to March 27 in Russia slowed to 4.3% after 5.9% a week earlier, follows from data Ministry of Economic Development.
On a weekly basis, price growth slowed to 0.05% from 0.1% the previous week. Since the beginning of March, inflation has amounted to 0.17%, and since the beginning of the year – 1.47%, notes Rosstat.
In the food segment, prices rose by 0.14% after 0.03% a week earlier. Such dynamics is due to the fact that fruit and vegetable prices began to rise again: prices for it rose by 0.98% after falling by 0.44% the previous week. Pasta and cereals, milk and eggs continued to fall in price.
Prices for non-food products remained virtually unchanged: their increase amounted to 0.1% after 0.9% a week earlier. Electronics and household appliances fell 0.55% after 0.42% before. Deflation was recorded in the tourism services sector (-1.08% after a price increase of 2.96%), due to which, in general, prices in the segment of regulated, tourist and personal services decreased by 0.06% after an increase of 0.35% .
In March, the Central Bank recorded a decrease in inflationary expectations of Russians for the next year to 10.7% from 12.2% in February. The last time inflation expectations of citizens were at this level was in July 2022. According to the forecast of the Bank of Russia, in 2023 inflation will slow down to 5–7%, and in 2024 it will return to the target of 4%. The Ministry of Economy expects inflation this year at 5.5%. According to the forecast of the Central Bank, it will be 5-7%, and in 2024 it will return to the target of 4%.
In the coming months, annual inflation will temporarily fall below 4% under the influence of the high base effect of last year, when prices soared after the start of the special operation, the Central Bank predicts.
At the end of 2022, inflation in Russia amounted to 11.94% after 8.39% in 2021.
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