During the week of April 16 through April 22, consumer prices in Russia showed a continued slowdown, edging up by just 0.08 percent from the prior week’s 0.12 percent. The year-over-year price rise eased to 7.82 percent, slightly below the 7.83 percent pace seen in the previous seven days. These figures come from the latest price situation review published by the Ministry of Economic Development and provided to the editors of socialbites.ca, reflecting ongoing shifts in the country’s retail landscape.
Within the broader basket, food prices rose modestly at a rate of 0.13 percent for the week. The decline in fruit and vegetable costs accelerated in the period, with cucumbers and tomatoes continuing to lead the downtrend at -4.35 percent and -1.00 percent, respectively, reflecting renewed supply and favorable weather effects compared with the prior week’s declines of -2.24 percent and -0.59 percent. The overall food segment thus remained under pressure from the supply side, even as some categories softened and others held firmer prices.
Prices for animal products moved differently. Eggs and poultry saw additional decreases of 0.14 percent and 0.07 percent, while fats and oils saw their pace of price growth cool further. Sugar and flour both recorded modest price declines of 0.04 percent and 0.18 percent respectively, with buckwheat, millet and noodles also easing in price during the period. These movements illustrate a mixed pattern across staple foods, where some staples become cheaper while others hover near prior levels, contributing to an overall softer inflationary path in the food sector.
On the other hand, meat prices edged higher across the board. Lamb rose by 2.17 percent and beef by 0.28 percent, highlighting divergence within meat categories. Baked goods and staples such as bread gained 0.41 percent, while staples like rice advanced by 0.30 percent and butter by 0.60 percent. Salt also rose by 0.30 percent, and there were notable cost increases for carrots, apples, cabbage, potatoes and various canned products, signaling a broader rise in several household essentials beyond fresh produce. Milk climbed 0.22 percent, fish by 0.17 percent, and tea by 0.08 percent, indicating a sustained but uneven upward pressure across several everyday items.
In contrast, the sector for electrical goods and household appliances continued to see price declines, dropping by 0.12 percent in the week. Energy-related costs moved in different directions, with gasoline up 0.09 percent and diesel up 0.07 percent, underscoring the mixed trajectory of transport-related expenses. After-dominant discounting continued to affect travel costs as domestic flight prices fell by 0.96 percent, while sanatorium services rose by 0.11 percent. Home services, reflecting labor and upkeep costs within households, increased by 0.34 percent, underscoring persistent upward pressure on certain non-food service categories.
Looking at the broader horizon, inflation in March 2024 slowed to a monthly rate of 0.39 percent, with annual inflation running at 7.72 percent. The central bank reiterated its forecast for 2024, maintaining an expected annual range around 4.0 to 4.5 percent as of the March 22 briefing. The Ministry of Economic Development continued to project an annual inflation level near 4.5 percent for 2024, signaling a measured easing of price pressures compared with the prior year’s peaks while highlighting the ongoing balancing act for monetary and fiscal policy in a dynamic macroeconomic environment.
Earlier in April, inflation trends indicated a renewed emphasis on consumer stability, though the underlying data suggested that price adjustments remained uneven across sectors. Analysts and policymakers continued to monitor supply chain dynamics, consumer demand patterns, and external factors that could influence the trajectory of prices in the coming months, underscoring the importance of timely, data-driven policy responses to maintain price stability while supporting growth.