The prices of all products, from vegetables and sugar to clothes and smartphones, have risen sharply in recent weeks, after Russia began what it calls a “special military operation” in Ukraine on February 24th.
But Russia’s weekly inflation has slowed after a significant rise in recent weeks, Rosstat Statistics said on Wednesday, giving the central bank reasons to consider lowering interest rates at its April 29 board meeting.
The central bank said it could cut key interest rates from the current 17% level at future board meetings and would not try to slow inflation, which it targets at 4% annually, by any means.
Russia’s weekly inflation fell to 0.20% in the week ended April 15 from 0.66% a week earlier, bringing consumer prices so far to 11.05%, Rosstat said.
In the same period last year, consumer prices rose by 2.72%.
Inflation could reach between 17% and 20% this year, said Alexei Kudrin, head of Russia’s Audit Chamber, last week.
Analysts polled by Reuters in late March estimated, on average, that inflation for 2022 will accelerate to 23.7%, the highest level since 1999.
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