Russian weekly inflation eases after rate cut

div classBodysc17zpet90 cdBBJodivpReuters – Russias weekly inflation rate eased in late April, data from statistics service Rosstat showed on Friday, days after the central bank cut interest rates.p

pThe central bank lowered its key interest rate to 14 from 17 in a sharperthanexpected move last week and said it saw room to cut further this year, as it tries to manage a shrinking economy and soaring inflation.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pInflation was 0.21 in the week to April 29, down from 0.25 a week earlier and well below the 2.22 hit in early March.p

pPrices on nearly everything from vegetables and sugar to clothes and smartphones have risen sharply in recent weeks since Russia began what it calls “a special military operation” in Ukraine on Feb. 24.p

pYeartodate, consumer prices rose 11.56.p

pIn annual terms, inflation has already reached its highest since early 2002 of 17.62 as of midApril and is on track to accelerate to 1823 in the whole of 2022, the central bank forecasts.p

pThe central bank targets inflation at 4. p

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pp Reporting by Reuters editing by John Stonestreetp

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