Robert Besser
14 May 2022, 20:51 GMT+10
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.
Get a daily dose of Michigan Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Michigan Sun.
More InformationSYDNEY, NSW, Australia - A reduction of the official lending criteria in China has boosted stocks on the mainland, and ...
ISTANBUL, Turkey: As state lenders reduced the amount of dollar sales to prop up the currency for the ninth consecutive ...
NEW YORK CITY, New York: Federal officials have announced that Eddy Alexandre, CEO of Valley Stream trading, is facing charges ...
NEW YORK, New York - U.S. stocks again see-sawed on Thursday while the U.S. dollar rally took a well-deserved break."The ...
SEOUL, South Korea: Korean tech giant Samsung Electronics fell two places in Forbes' rankings of the World's Largest Tech Companies ...
Detroit, Michigan: General Motors, Ford and Chrysler parent Stellantis NV said they are reinstating the face mask mandate for employees ...
Former U.S. President George W. Bush has made an embarrassing mistake in criticizing Russian President Vladimir Putin over his decision ...
WASHINGTON D.C.: The U.S. State Department has announced the launch of a new program to capture and analyze evidence of ...
JAKARTA, Indonesia: A new poll released this week indicated that Indonesian President Joko Widodo's approval rating has hit a six-year ...
EAST JAVA, Indonesia: A tourist bus crashed into a billboard on a highway on Indonesia's main island of Java this ...
BELGRADE, Serbia: Belgrade was paralyzed this week by a series of bomb threats, including against schools, bridges, restaurants and a ...
WASHINGTON D.C.: In a tweet this week, Amazon founder Jeff Bezos criticized President Joe Biden for the second time in ...