MOSCOW, May 22. /TASS/. Annual inflation in Russia accelerated to 8.03% on May 14-20 from 7.91% in the previous week, the Economic Development Ministry reported.

"During the week from May 14 to 20, 2024 on the consumer market inflation slowed down to 0.11%, while year-on-year growth of prices equaled 8.03%. In the food sector price growth rates slipped to 0.06% during the reporting week. <…> In the non-food segment inflation slowed down to 0.07% <…>. In the services sector price growth rates amounted to 0.27%," the ministry said.

Annual inflation in Russia sped up to 7.91% on May 7-13 from 7.81% during the previous week.

The ministry’s spokesman said earlier that the ministry had upgraded its inflation outlook for 2024 from 4.5% to 5.1%. In 2023, inflation in Russia stood at 7.42%.