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Russia’s annual inflation accelerates to 3.43% from June 27 to July 3 — ministry

Price growth slowed to 0.13%, the Ministry of Economic Development says

MOSCOW, July 5. /TASS/. Russia’s annual inflation accelerated to 3.43% from June 27 to July 3, 2023, against 3.21% a week earlier, according to the Ministry of Economic Development.

"Price growth slowed to 0.13% in the week from June 27 to July 3, 2023. Annual inflation was 3.43%.

In the food sector, the growth rate of prices remained at the previous week’s level, while the increase in the growth rate of prices for fruits and vegetables was offset by a slowdown in the growth of prices for other food products. In the sector of non-food products, the rate of price growth slowed down against a slowdown in the price growth for building materials and cars. In the services sector, prices rose by 0.18% as airfare slowed down and prices for health resorts increased," the statement said.

According to the Ministry of Economic Development's updated forecast for Russia's socioeconomic development, GDP growth in Russia is predicted to reacg 1.2% this year and 2% in 2024. In Russia, inflation is expected to be 5.3% this year. The population's actual wages are also predicted to rise by 5.4%.

The Ministry of Economic Development's press service said at the end of June that Russia's current inflation rate is slightly lower than the expected trajectory.

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