The Bank of Russia predicted a decrease in inflation

The report also says that in February 2023, consumer prices rose by 0.46% (in January - by 0.84%). Monthly price growth slowed to 0.26% from 0.43% in January. “A significant contribution to the decline was made by the normalization of the supply of greenhouse vegetables, which significantly reduced the growth rate of prices for fruits and vegetables,” analysts of the Central Bank noted. Annual inflation continued to decline and amounted to 10.99%. Growth in commodity prices decreased most significantly, the report says. 

Prime Minister Mikhail Mishustin said last week that inflation in RUSSIA is declining and is now below 4% per annum. “As for inflation, it was under 20% at its peak, and 11.9% annually, if we take 2022. And today it is already less than 4%,” the HEAD of the Cabinet noted.

According to Rosstat, inflation in Russia from March 7 to March 13, 2023 amounted to 0.02%. At the same time, zero inflation was observed from February 28 to March 6. Since the beginning of March, consumer prices in the country have increased by 0.02%, and by 1.32% since the beginning of the year. In annual terms, inflation as of March 13 was 6.81%.

In early March, the Bank of Russia reported that inflation expectations of Russians in February, after three months of decline, rose to 12.2%, up 0.6 percentage points. higher than in January. Annual inflation observed by the population remained almost unchanged in February. Its median score was 15%, which is 0.1 p.p. higher than in January.