Weekly May inflation reported at 0.12 percent in Russia

Robert Besser
14 May 2022, 20:51 GMT+10

Russia's weekly inflation rate has further eased after surging soon after Moscow began its invasion in Ukraine on 24th February
The economic data was released this week by statistics service Rosstat
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 its current 14 percent

MOSCOW, Russia: Russia's weekly inflation rate has further eased after surging soon after Moscow began its invasion in Ukraine on 24th February.

The economic data was released this week by statistics service Rosstat.

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 its current 14 percent, adding that it saw room for more reductions.

Inflation was 0.12 percent in the week to 6th May, down from 0.21 percent one week earlier, and well below the 2.22 percent figure seen in early March.

As Russia encountered logistics disruptions and increased volatility in the rouble, prices on nearly everything, from vegetables and sugar to clothes and smartphones, rose sharply in recent weeks.

According to Rosstat, year-to-date, consumer prices rose 11.78 percent, with annual inflation accelerating to 17.73 percent as of late April, the highest since 2002.

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

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.

More Information

17 ℃

Fair in Perth

International Business

Section

In first visit in 3 years, Elon Musk visit's Tesla plants in China

BEIJING, China: On his return to China after a three year absence, which is his company's largest production hub, Tesla ...

Nvidia joins ranks of major US businesses valued at over $1 trillion

SANTA CLARA, California: As investors piled more capital into Nvidia, the chipmaker that has become one of the biggest winners ...

Washington coordinates 14-country supply chain agreement

WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led ...

Georgian billionaire wins $926 million from Credit Suisse in fraud

ZURICH, Switzerland: In one of the largest legal awards ever against Credit Suisse, the bank was ordered to pay $926 ...

China, South Korea seek to expand cooperation in chip sector

DETROIT, Michigan: Amid broader global concerns over semiconductor chip supplies, sanctions and national security, Chinese commerce minister Wang Wentao said ...

Strong US Jobs Report Cheers Biden, Raises Questions for Fed

The labor market in the United States continued to defy expectations in May, adding 339,000 new jobs. The figure was ...

Australia

Section