Ministry of Economic Development: Annual inflation fell from 2.55 percent to 2.42 percent
MOSCOW, May 4 – RIA Novosti. Annual inflation in Russia fell from 2.55% on 24 April to 2.42% on 2 May. review Ministry of Economic Development “About the current price situation”.
“For the period from April 25 to May 2, 2023 (8 days), prices increased by 0.19%. Annual inflation continued to decline, reaching 2.42% annualized,” the document says.
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This is the lowest inflation value since February 2020 (then 2.3%).
According to the Ministry of Economic Development, while the price increase in the food sector decreased to 0.06 percent in the 25 April-2 May period, the price decrease in fruit and vegetable products and the price increase in other food products slowed down.
“In the non-food products sector, the price increase accelerated to 0.39% due to the increase in domestic passenger car prices, the seasonal increase in the prices of building materials and the resumption of the increase in the prices of electrical and white goods.” The authors of the document continue.
As for the service sector, on the backdrop of increased prices for air tickets and sanatorium services, an increase in prices was recorded by 0.16%.
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In April, the Ministry of Economic Development raised its 2023 inflation forecast from 5.5% to 5.3%. Looking at the year-on-year dynamics, the ministry expects it to accelerate to 3.6% yoy in June, to 4.7% in September and to 5.3% in December. In 2024-2026, inflation will be around 4%.
The Central Bank of Russia forecasts inflation at 4.5-6.5% this year.
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