A review by the Russian Ministry of Economic Development on prices showed that inflation in Russia slowed in the country and reached 2.42% on May 2, on an annual basis, compared to 2.55% recorded on April 24.
The document stated: “For the period from April 25, 2023 to May 2, 2023 (8 days), year-on-year inflation continued to decline to 2.42%.”
Thus, the index recorded its lowest level since February 2020, when it was at 2.3%.
According to the Russian Ministry of Economic Development, price growth in the food sector slowed down from April 25 to May 2 of this year to 0.06%, while prices of fruit and vegetable products fell.
And last April, the Russian Ministry of Economic Development improved inflation forecasts for the year 2023 to 5.3% from 5.5%, while the Bank of Russia (the Russian Central Bank) expects inflation this year at a level of 4.5% -6.5%.
This article was originally published by RT.