Russia’s annual inflation slows down to 2.82% on April 11-17

Annual inflation in Russia fell to 2.82% in the week ending April 17, 2023, from 3.15% the previous week. This is indicated in the Russian Ministry of Economic Development’s analysis of the current price situation.

“Inflation fell to 0.04% in the week of April 11 to April 17, 2023. The yearly rate of price growth continued to decline to 2.82% year-on-year. The biggest contributor to the decrease in inflation was a slowdown in price growth in the service sector, which coincided with the restoration of cheaper domestic air travel tickets, as well as a slowdown in price increase for household services. For the second week in a row, there was no price increase in the non-food group. Prices for food products climbed by 0.08%, while price of fruits and vegetables also increased. Other food products have seen price growth close to zero,” the statement said.

Minister of Economic Development Maxim Reshetnikov said earlier that inflation in Russia in 2023 is estimated to be 5.3%.

The Federal Statistics Service (Rosstat) reported earlier on Wednesday that weekly inflation in Russia slowed down to 0.04% from April 11 to 17 from 0.11% a week earlier. Consumer prices rose 1.88% from the year beginning and 0.21% from early April. Inflation was 2.57% in annual terms as of April 17, 2023, according to statistics.

Source: Lao News Agency