Annual inflation in Russia hits 2.96% in June

 

Admin I Thursday, June 22, 2023

 

MOSCOW – Annual inflation in Russia for the period from June 14 to 19, 2023 accelerated to 2.96% from 2.87%, the Economic Development Ministry said in its review of the current price situation, the Russian news agency, TASS has reported.

“Over the period from June 14 to June 19, 2023, price growth slowed down to 0.02%. Year-on-year inflation was 2.96%.

“In the food sector, prices fell amid continued deflation for fruits and vegetables, as well as the lack of price growth for other food products. In the sector of non-food products, the growth rate of prices remained at the level of the previous period.

“In the services sector, the slowdown in price growth continued due to the resumption of decline in prices for air tickets for domestic flights,” the report notes.

According to the updated forecast for the socio-economic development of Russia, GDP growth in the country is expected at 1.2% this year, and 2% in 2024.

This year inflation in Russia is projected at 5.3%. The growth of real wages of the population by 5.4% is also expected.