Post: Annual inflation in Russia slowed to 17.02 percent as of June 3

One ruble coin. archive photo

Ministry of Economic Development: Annual inflation in Russia slowed down to 17.02% as of June 3

MOSCOW, June 8 – RIA Novosti. Annual inflation in Russia slowed to 17.02% on June 3, from 17.35% a week ago, according to the “On the current price situation” review by the Ministry of Economic Development.

On an annual basis, inflation in Russia has been slowing for the fourth week in a row.

In its review, the Ministry of Economic Development states that inflation continued to slow down in May 2022 and stood at 0.12% on a monthly basis (1.56% monthly in April). On an annual basis, inflation slowed to 17.1% year-on-year (up from 17.83% in April) for the first time since December 2021.

“Besides seasonal factors, the strengthening of the ruble and price correction in the face of the decline in consumer activity continued to affect the slowdown in inflation. As a result, deflation was observed in non-food products and services in the reporting month and food prices slowed down,” the ministry said.

“The trend continued in June – near-zero price dynamics were recorded for the week of May 28 to June 3, 2022 (minus 0.01% after 0.00% the week before). Annually, the rate of price increase continued to decrease Ministry of Economic Development As of June 3, it reached 17.02% per annum,” he said.

Source: Ria

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