MOSCOW, May 12. Annual inflation in Russia slowed to 2.32% on May 10 from 2.42% on May 2, follows from review of the Ministry of Economic Development «On the current price situation».
«For the period from May 3 to May 10, 2023, there was no price increase. Year-on-year inflation decreased to 2.32%,» the document says.
This is the lowest inflation since February 2020 (then it was 2.3%).
According to the Ministry of Economic Development, for the period from May 3 to May 10, food prices fell by 0.06% against the background of an acceleration in the decline in the cost of fruits and vegetables and a slowdown in the growth of prices for other food products.
«In the non-food sector, prices fell by 0.01% amid falling prices for electrical and household appliances and a slowdown in the rise in prices for cars. In the services sector, price growth slowed down as prices for household services slowed down,» the authors write document.
In April, the Ministry of Economic Development improved the forecast for inflation in 2023 to 5.3% from 5.5%. As for intra-annual dynamics, the ministry expects that in June it will be at the level of 3.6% in annual terms, in September it will accelerate to 4.7%, and in December to 5.3%. In 2024-2026, inflation will be at the level of 4%.
The Bank of Russia forecasts inflation this year at the level of 4.5-6.5%.