MOSCOW, May 24. Inflation in Russia in annual terms accelerated to 2.36% on May 22 from 2.34% on May 15, follows from review of the Ministry of Economic Development «On the current price situation».
«From May 16 to May 22, 2023, prices increased by 0.04%. Year-on-year inflation was 2.36%,» the document says.
The ministry noted that the decline in prices for food products continued and amounted to 0.02% against the backdrop of the continued reduction in the cost of fruits and vegetables (-1 .5%), but prices for other food products increased by 0.11%.
«In the sector of non-food products, price growth remained almost at the level of last week (0.05%). For services, price growth slowed down (0.16%) with a slowdown in price growth for air travel and hotel services, as well as cheaper sanatorium services,» 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 inflation 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 is expected to be at the level of 4%.
The Bank of Russia forecasts inflation this year at the level of 4.5-6.5%.