Russian weekly inflation eases further after recent spike

div classBodysc17zpet90 cdBBJodivpReuters – Russias weekly inflation rate eased further in May, data from statistics service Rosstat showed on Wednesday, after spiking sharply soon after Russia began what it calls a “special military operation” in Ukraine on Feb. 24.p

pInflation is slowing even after the central bank lowered its key interest rate to 14 from 17 in April and said it saw room for more cuts, as it tries to manage a shrinking economy and high inflation.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pInflation was 0.05 in the week to May 13, down from 0.12 a week earlier and well below the 2.22 hit in early March.p

pSo far this year, consumer prices in Russia rose 11.84, Rosstat said.p

pPrices on nearly everything, from vegetables and sugar to clothes and smartphones, have risen sharply in recent weeks as Russia encountered logistics disruptions and increased volatility in the rouble.p

pAnnual inflation has accelerated to 17.83 in April, its highest since January 2002. The central bank, which targets inflation at 4, said the annual increase in consumer prices was on track to reach to 1823 in the whole of 2022. p

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pp Reporting by Reuters Editing by Frank Jack Danielp

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