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Annual inflation speeds up to 4.88% in week ended Aug. 21 from 4.66% in previous week

Consumer prices grew by 0.61% on average month-on-month over the past three months, which equals 7.6% in annual terms, according to the regulator

MOSCOW, August 23. /TASS/. Annual inflation in Russia accelerated to 4.88% on August 15-21 from 4.66% in the previous week, the Economic Development Ministry reported.

"During the week from August 15 to 21, 2023 the growth of prices on the consumer market slowed down to 0.09%. Year-on-year inflation amounted to 4.88%. In the food sector prices declined by 0.02% due to accelerating deflation on fruits and vegetables. In the non-food segment price growth rates increased mainly due to rising rates of growth of prices for passenger cars and construction materials. In the sector of services, prices slightly decreased amid resumed decline of prices for air tickets for domestic flights," the ministry said.

Earlier reports said that according to the Russian Central Bank’s projections, annual inflation in Russia would continue rising in coming months, whereas by the end of the year it is projected at 5-6.5%. Consumer prices grew by 0.61% on average month-on-month over the past three months, which equals 7.6% in annual terms, according to the regulator.

According to the revised outlook on Russia’s social and economic development prepared by the Economic Development Ministry, inflation in Russia is expected at 5.3% this year.

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