The bank indicated in a statement that the annual inflation rate will continue to decline in April due to the high base effect from last spring. “In the second half of the year, this percentage will increase slightly“- reported the Central Bank of Russia.
The bank indicated that the annual inflation rate in March 2023 reached 3.51 percent, which means a decrease of 7.48 percent compared to the previous month. Weekly inflation from April 4-10 slowed to 0.11 percent. From 0.13 percent a week earlier. On a monthly basis, price growth slowed to 0.37%.
Central Bank Governor Elwira Nabiullina recently said that the ruble, which eased inflationary pressures by strengthening last year, is likely to have a pro-inflationary effect this year. The currency lost nearly 25 percent. Since the cap on oil prices for Russian exports came into effect in early December.
Many Russians complain that perceived inflation was much higher than what Rosstat reported, said Iona Winevska, an analyst at the Center for Oriental Studies. “In addition, according to them, the quality of many commodities has deteriorated and their variety has decreased,” the OSW analysis states.
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