Russian weekly inflation eases after rate cut

youupdates with the inflation assessment by the Ministry of Economy

May 6 (Reuters)Russia’s weekly inflation rate fell in late April, data from the Rosstat statistics service showed on Friday, confirming an easing of crippling price pressures days after the central bank cut interest rates.

The central bank cut its key interest rate to 14% from 17% in a bigger-than-expected move last week and said it saw room to cut further this year as it tries to juggle the double task of managing a economic slowdown and runaway inflation.

Inflation was 0.21% in the week to April 29, down from 0.25% a week earlier and well below the 2.22% reached in early March..

Western sanctions, ruble volatility and logistical disruptions pushed prices up and annual inflation accelerated to 17.73% as of April 29, its highest level since 2002 and from 17.70% a week earlier. early, the economy ministry said.

Inflation is on track to accelerate to 18-23% for the whole of 2022, according to central bank forecasts. He is aiming for inflation of 4%.

Prices have risen sharply on almost everything staple foods to clothes and smartphones since Russia launched what it calls “a special military operation” in Ukraine on February 24.

Year-to-date consumer prices are standing 11.56%.

(Reporting by Reuters; editing by John Stonestreet)

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