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Annual inflation in Russia in May slowed to 3%

Inflation in the Russian Federation in May amounted to 0.3% against 0.8% a month earlier, having returned to the level of February, in annual terms – it slowed down to 3% from April 3.1%, follows from the message of the Federal State Statistics Service.
“In May 2020, compared with April 2020, the consumer price index was 100.3%, compared with December 2019 – 102.4% (in May 2019 – 100.3%, compared with December 2018 – 102.4%)”, the agency said.

In May 2020, in 11 regions of the Russian Federation, consumer price growth amounted to 0.5% or more. The highest growth was recorded in Kalmykia – 0.8%, Adygea and Komi – 0.7% each one. In Moscow, prices rose over the month by 0.5%, in St. Petersburg – by 0.1% (since the beginning of the year, price growth amounted to 1.9% and 2.5%, respectively). The Ministry of Economic Development previously forecast inflation in the Russian Federation in May at the level of 0.4-0.6%, in annual terms – 3.2-3.4%.

Food inflation in Russia in May in monthly terms amounted to 0.2% after April 1.7%, in annual terms the increase in food prices slowed to 3.3% from 3.5% in April this year, the Federal State Statistics commented.
Excluding fruit and vegetable products, food prices in May rose by 0.2% compared to April (compared with May last year – by 3.4%). Over the past month, non-food products rose by 0.3% (in annual terms – by 2.8%). Prices for alcoholic beverages in May increased by 0.3% compared to April, and by May 2019 they increased by 2.2%.

 

Source: www.1prime.ru
News
The growth rate of prosperity in Russia over the past two years has exceeded the world average, analysts from the Boston Consulting Group said.
The authorities admitted that they could not keep inflation within 4%. It will be possible to return to this target indicator only in the second half of 2022, according to the analytical commentary of the Central Bank.
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
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