The head of the Russian Central Bank, Elvira Nabiullina, said that annual inflation in Russia fell last March to less than 4%, amid expectations that the indicator will continue to decline in April.
The official said in a speech in the State Duma today, Wednesday: “Now the main interest rate is sitting at the level of 7.5%, we have maintained this level for 6 months, the annual inflation rate last March fell to less than 4% and it is likely to decline further in April (2023), but this level reflects the very low monthly price growth rates in the past summer and fall, and despite the price growth rate it is still moderate, but it is higher than it was in the summer and fall.
Earlier, the Russian Ministry of Economic Development reported that annual inflation slowed in Russia for the first time since the summer of 2020, to a level of 3.29%, and thus the index had fallen below the target set by the Russian government and the Russian Central Bank at 4%.
It is remarkable that inflation in Russia has become below the index level in advanced economies. In the United States, the index is (5.22%), while in the euro zone it is (6.9%).
This article was originally published by RT.