MOSCOW, April 12 Inflation in Russia in March slowed down to 0.37% from 0.46% in February, in annual terms — to 3, 51% from 10.99% a month earlier, Rosstat said on Wednesday.
Price growth in March returned to the values of November last year at 0.37%, in annual terms, inflation is at its lowest level since July 2020.
«In March 2023, compared to February 2023, the consumer price index amounted to 100.37%, compared to December 2022 — 101 .67%,» the document says.
Food inflation in Russia (including alcoholic beverages) in March in monthly terms slowed down to 0.13% from 0.79% in February. In annual terms, the growth in food prices amounted to 2.57%. Non-food products over the past month rose in price by 0.14%, in annual terms — by 0.12%. Services in March rose by 0.97% compared to February; price growth year on year — 9.73%.
As stated in the publication of the statistical office, consumer price growth of 0.5% or more was recorded in 20 subjects of the Russian Federation. To the greatest extent (by 0.7%) in the Republic of Karelia, Kaluga, Moscow and Tomsk regions due to the increase in the cost of services by 1.2-2.4%.
Earlier on Wednesday, the head of the Bank of Russia, Elvira Nabiullina, said that annual inflation in Russia would continue to decline in April. The Bank of Russia will update its macro forecast at its April meeting. According to the February forecast of the regulator, inflation in the country at the end of the year will be at the level of 5-7%. The Ministry of Economic Development predicts inflation for the year at 5.5%, the ministry also plans to update its forecast in April.
The head of the Ministry of Economic Development Maxim Reshetnikov explained earlier that inflation at the end of the first quarter will decrease significantly year on year. This will be due to the fact that the peak of price growth in the spring of 2022 will leave the base. Reshetnikov also did not rule out that in the second quarter inflation in annual terms would for some time even be below the target level of 4%.