MOSCOW, July 12. /TASS/. Annual inflation in Russia sped up to 3.59% from July 4 to 10, 2023 compared to 3.43% in the previous week, the Economic Development Ministry reported on Wednesday.

"During the week from July 4 to 10, 2023, consumer prices rose by 0.14%. Year-on-year inflation totaled 3.59%. In the food sector growth of prices slowed down to 0.10% due to a decrease in the rates of growth of prices both for fruits and vegetables and for other food products. In the non-food sector the price growth rates remained at the level of the previous week. In the sector of services, the growth of prices sped up to 0.27% amid rising rates of growth of prices for air tickets," the ministry said.

According to a revised outlook on Russia’s social and economic development drafted by the Economic Development MInistry, the country’s GDP growth is expected at 1.2% this year and at 2% in 2024. Inflation in Russia is projected at 5.3% in 2023.