Russian weekly inflation slows to 0.12 pct

Russian weekly inflation slows to 0.12 pct

MOSCOW, Russia : Russia's weekly inflation rate has slowed after Russia began its invasion in Ukraine on February 24th.

The economic data was released by Rosstat this week.

In an effort to manage a shrinking economy and soaring inflation, the Russian central bank lowered its key interest rate from 17 percent in April to 14 percent, saying it saw room for more reductions.

In the week to June 6th, inflation was 0.12 percent, a decline from 0.21 percent a week earlier in the week, and well below the 2.22 percent figure seen in early March.

As Russia experienced logistical disruptions and increased volatility in the rouble, prices on almost everything, from vegetables and sugar to clothes and phones, went up sharply in recent weeks.

Consumer prices rose 11.78 percent year-to-date, with inflation increasing to 17.73 percent as of late April, the highest since 2002, according to Rosstat.

The Russian central bank, which has a target inflation of 4 percent, said the annual increase in consumer prices was on track to reach 18 to 23 percent in 2022.