Weekly inflation in Russia accelerated to 0.02%

Weekly inflation in Russia accelerated to 0.02%

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Inflation in Russia in the week from March 7 to 13 accelerated to 0.02% after zero inflation for the previous week, follows from the materials of Rosstat.

Since the beginning of the year, consumer prices in Russia have grown by 1.32%.

In the food segment, prices increased for chicken eggs (+1%), frozen fish, wheat flour and millet (+0.5%), sugar and vodka (+0.2%). At the same time, prices for fruits and vegetables decreased by an average of 0.2%. Cucumbers fell in price immediately by 10%, potatoes – by 0.9%, cabbage – by 0.8%. Tomatoes also rose in price by 6.8%, onions – by 2.2%, and bananas – by 1.7%.

Among the medicines monitored by Rosstat, prices for metamizole sodium (domestic analgin) (+0.5%), levomekol (+0.3%), allochol, nimesulide and multivitamins (+0.2%) went up. Ergoferon fell in price by 0.4%, and Corvalol – by 0.3%.

Prices for gasoline and diesel remained virtually unchanged, TVs fell in price by 1%, electric vacuum cleaners and smartphones – by 0.4%. Air tickets have risen in price by 4.3%, while the cost of accommodation in three-star hotels has risen in price by 0.7%, and in hotels of 4-5 stars – by 0.4%.

In February, annual inflation in Russia slowed down to 10.99% after 11.77% in January; overall, consumer prices rose by 0.46% over the month, the Economic Development Ministry reported earlier. At the end of 2022, inflation in Russia amounted to 11.94% after 8.39% in 2021. This year, the Ministry of Economy expects inflation at 5.5%. According to the Central Bank forecast, it will be 5-7%, in 2024 it will return to the target of 4%.

This Friday, March 17, a meeting of the Board of Directors of the Bank of Russia will take place, following which the regulator leave the key rate at the level of 7.5% per annum, the majority of experts interviewed earlier by Vedomosti are sure. Following the results of the first meeting of this year, held on February 10, the Central Bank left the key rate at 7.5%, where it has been since September last year.

On the eve of the meeting, the results of a survey appeared on the Central Bank website on March 15, showing that inflation expectations of Russians in March decreased up to 10.7%.

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