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Consumer demand shifting to services, catering — Economy Minister

No significant risks exist for inflation rising above the stated forecast of 5.3% in 2023

SOCHI, June 8. /TASS/. The Russian Ministry of Economic Development is seeing a shift in the consumer demand structure toward the services and catering industries, Minister Maxim Reshetnikov told TASS.

"The stable situation on the labor market and the rise in the real income of the population since the fourth quarter of last year has had a positive effect on reviving consumer demand. Overall turnover [of retail trade, household services and public catering - TASS] showed an uptick of 7.4% against last year’s levels. Furthermore, we see growth from the levels of two years ago - 0.1%. At the same time, we notice a change in the demand structure. It is shifting to the side of services and catering," the minister said.

No significant risks exist for inflation rising above the stated forecast of 5.3% in 2023, Reshetnikov said earlier. The consumer demand growth is accompanied by an increase in both domestic and imported supplies, he noted.

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