Ministry of Economic Development: Annual inflation in Russia fell to 16.69% as of June 10

MOSCOW, June 15 – RIA Novosti. Annual inflation in Russia fell to 16.69% on June 10, from 17.02% a week ago. review Ministry of Economic Development “About the current price situation”.

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

“For the week of June 4 – June 10, 2022, prices decreased by 0.14% (previous week minus 0.01%). Annualized inflation continued to slow down and stood at 16.69 percent as of June 10. (Until June 3: 17.02% per year),” the document says.

“The major contributors to the decline in prices are the accelerating decline in food prices (-0.35%) due to continued fruit and vegetable deflation, and the slowdown in growth in the prices of other foodstuffs. The fall in prices of most durable goods Tourist and regulated services prices (-0.05%) Prices in the non-food segment remained unchanged last week, while the price of motor gasoline continued to fall for the fourteenth consecutive week,” the ministry added.

Earlier on Wednesday, Economic Development Minister Maxim Reshetnikov said in an interview with Russia 24 TV channel that the Russian economy is going through the current phase better than the authorities expected: by the end of this year there will be inflation and GDP decline in Russia, less than the Ministry of Economic Development had predicted, this ministry reveals its rationale at the end of June, revise your estimate.

The Ministry of Economic Development estimates the rate of increase in consumer prices in the Russian Federation at the end of the current year as 17.5%. The ministry expects a decrease in Russia’s GDP by 7.8% in 2022 and by 0.7% in 2023.