The FINANCIAL — Russia’s consumer price inflation slowed somewhat in May, caused by a drop in certain food prices, a sign that it may have passed its peak, data showed on June 4, according to Nasdaq.
Russia’s Federal Statistics Service said the annual rate of consumer price inflation dropped to 16.2% in May from 16.3% in April. A decrease in food prices, such as fruit, vegetables, eggs and sugar, was main contributing factor to the decline in the rate.
Inflation in Russia has been fueled by a rapid weakening of the ruble, which has made imports more expensive. Moscow’s ban on food imports from countries that have imposed sanctions on Russia has also spurred price growth. But in the recent months, Russian officials have said repeatedly that inflationary pressure was set to ease and that inflation would retreat in the second quarter.
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