Annual inflation in Russia slowed to 5.9% over the week
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Annual inflation in Russia from March 14 to March 20 slowed to 5.99% against 7.65% a week earlier, should from the review of the current price situation of the Ministry of Economic Development.
“In the week from March 14 to March 20, 2023, inflation was 0.1%. In annual terms, the price growth rates decreased to 5.99%. In the food segment, prices rose due to the rise in the cost of food products, with the exception of vegetables and fruits,” the review says.
In the segment of non-food products, prices for electrical and household appliances resumed growth, prices for clothing, underwear and footwear continued to rise. The decline in prices for building materials slowed down. Prices for passenger cars remained unchanged after falling by -0.03% a week earlier.
In the segment of regulated, tourism and personal services, price growth accelerated to 0.35% after 0.22% a week earlier. The main contribution was made by the increase in prices in the field of tourism services – 2.96% after an increase of 1.86% – due to the acceleration of the rise in the price of air tickets for domestic flights, as well as hotel services.
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.
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