Weekly inflation in Russia slows to 0.14% year-on-year

(Data added from Ministry of Economic Development)

Jan 25 (Reuters) – Inflation in Russia slowed to 0.14% between Jan. 17 and Jan. 23, 2023, from 0.15% a week earlier, Rosstat said.

Since the beginning of January, consumer prices have increased by 0.53%, compared to an increase of 0.99% for the whole of January last year.

The Ministry of Economic Development reported that in annual terms, inflation continued to decline and stood at 11.49% as of January 23, compared to 11.57% a week earlier.

Food prices increased by 0.27% last week. Fruit and vegetable prices increased by an average of 3.0%, higher than a week earlier.

Prices in the segment of non-food products almost did not grow – 0.02%.

In the services sector, inflation amounted to 0.13%, mainly due to an increase in prices for tourist services. Thus, the cost of flying in the economy class cabin of an aircraft, according to Rosstat, increased by 0.7% after a decline of 6.3% last week.

Inflation in Russia has remained low in recent months amid weak consumer demand with modest momentum. Russian officials call the decline in domestic consumption one of the main problems of the Russian economy.

Economic Development Minister Maxim Reshetnikov expects annual inflation to ease sharply at the end of the first quarter of 2023 amid a higher base effect from March 2022, when Moscow launched a “special operation” in Ukraine and retaliatory sanctions from the West. After that the prices doubled. , and in the second quarter it may be less than the target of the Bank of Russia – 4%.

The Central Bank predicts consumer price growth in 2023 in the range of 5–7%. (Daria Korsunskaya. Editor Dmitry Antonov)

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