Inflation in Russia in annual terms rose to 5.03% - MED

"In the week from 22 to 28 August 2023, inflation slowed to 0.03% (0.09% in the week from 15 to 21 August 2023). Year-on-year inflation was 5.03% after 4.88%," says in the document. 

The authors of the review point out that in the segment of food products, prices have resumed growth - by 0.06% after falling by 0.02% a week earlier. At the same time, the decline in prices for fruits and vegetables continued, but somewhat slowed down. 

"Price growth for other food products remained at the level of the previous week (0.21%). The growth rate of prices for  SUGAR , eggs , bakery, pasta and cereals, as well as oil and fat products has slowed down. At the same time, prices for MEAT products continued to rise, resumed the rise in prices for FLOUR and confectionery products, the decline in prices for MILK and dairy products  has slowed down  ," the ministry said.

As for non-food products, prices rose by 0.18%, including against the background of a slowdown in growth in prices for cars (0.11% against 0.44% a week earlier) due to domestic and imported cars, cheaper electrical and household appliances . At the same time, the growth rates of prices for building materials (0.46% after 0.40%) and medical goods (0.37% after 0.26%) increased. 

In the segment of regulated, tourism and consumer services, deflation has intensified, the ministry concluded. 

The Bank of RUSSIA forecasts inflation this year at the level of 5-6.5%. Last week, Russian Finance Minister Anton Siluanov said that inflation in Russia by the end of 2023 would be about 6%, the authorities plan to take all necessary measures to return it to the Bank of Russia target of 4% next.