Rosstat recorded zero weekly inflation for the first time since May 2023

For the week from March 5 to March 11, inflation in Russia was zero for the first time since May 2023. reported Rosstat. Annual inflation for this period amounted to 7.6% after 7.59% a week earlier. In February, the year-on-year price growth rate was 7.69%, according to data from the Ministry of Economy (.pdf). Since the beginning of the year, prices have increased by 1.6%.

According to the department, from March 5 to 11, price growth in the food products segment slowed to 0.07%. The decline in the cost of fruits and vegetables accelerated, while inflation for other products remained at the same level.

Over the week, prices for non-food products decreased by 0.08%. The Ministry of Economy notes a decrease in the cost of Russian cars and electrical and household appliances. Prices in the services sector decreased by 0.06%.

According to Rosstat, during the specified period, prices for beef, lamb, sugar (+0.5%), cheeses, and milk (+0.3%) increased. Meanwhile, prices for chicken eggs (-0.7%) and buckwheat (-0.3%) fell. Among non-food products, the cost of Corvalol increased (+0.6%). Prices for gasoline and diesel fuel remained virtually unchanged.

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 be close to 4% in the future. In December 2023, the Russian Ministry of Finance predicted that inflation in 2024 would be 4.5%.

Read more about the Russian economy in the Kommersant article. “Above all expectations”.

Lusine Balasyan