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Annual inflation speeds up to 5.03% in week ended Aug. 28 from 4.88% in previous week

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%

MOSCOW, August 30. /TASS/. Annual inflation in Russia accelerated to 5.03% on August 22-28 from 4.88% in the previous week, the Economic Development Ministry reported.

"During the week from August 22 to 28, 2023 the growth of prices on the consumer market slowed down to 0.03%. Year-on-year inflation amounted to 5.03%. A decline in price growth rates in the non-food segment <…> made the main contribution to inflation slowdown in the reporting week. Deflation rates in the sector of services also increased <…>. In the food sector the price growth is moderate - by 0.06%," 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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