Inflation in Russia fell below 10% for the first time in a year

Inflation in Russia in annual terms fell below 10% for the first time in a year – on March 6 it amounted to 9.43% against 11.01% a week earlier, follows from a review of the Ministry of Economic Development (MED) “About the current price situation”.

The last time inflation below 10% was registered in Russia at the end of February last year and was at the level of 9.15%.

“From February 28 to March 6, 2023 prices have not changed <…> in annual terms, price growth slowed down to 9.43%,” the document says.

At the same time, according to the data of the Ministry of Economic Development, prices in the segment of non-food products increased by 0.06% against the backdrop of an increase in the cost of domestic cars.

“In the service sector, price growth also resumed after deflation last week (0.10%) against the backdrop of rising prices for sanatorium and health services and a slowdown in the decline in prices for domestic flights,” the ministry added.

In February, during his address to the Federal Assembly, Russian President Vladimir Putin said that Russia was actually entering a new cycle of economic development, there were all opportunities for a breakthrough in many areas.

A month earlier, the International Monetary Fund gave an updated forecast regarding the dynamics of the Russian economy in 2023. Analysts predicted GDP growth of 0.3% instead of the previously expected fall of 2.3%.

At the end of December, Russian Deputy Prime Minister Andrey Belousov said that 2023 would be much easier for the Russian economy than 2022.

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