MOSCOW, May 17. Inflation in Russia in annual terms accelerated to 2.34% on May 15 from 2.32% on May 10, follows from review of the Ministry of Economic Development «On the current price situation».
«From May 11 to May 15, 2023, prices increased by 0.04%. Year-on-year inflation practically remained at the level of the previous week, amounting to 2.34%,» the document says.
The ministry noted that the decline in prices for food products continued and amounted to 0.05% against the backdrop of the continued reduction in the price of fruits and vegetables (-0.9 %) and near-zero growth in prices for other food products (0.03%).
«In the sector of non-food products, a moderate increase in prices by 0.04%. In the sector of services, prices increased (0.19%) against the backdrop of an increase in the growth rate of prices for travel services, with an increase in airfare by domestic flights,» the ministry added.
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%.