At a government videoconference, Russian Prime Minister Mikhail Mishustin provided an update on price growth, noting that the annual inflation rate from May 2022 to May 2023 stood at 2.3%. The remark came as part of a broader briefing with members of the Russian government about the country’s economy and living costs.
“From May 2022 to May 2023, annual inflation in Russia is 2.3%,” Mishustin stated, underscoring a trend of relatively contained price increases over the year. The assertion reflects ongoing monitoring of consumer prices across sectors and the government’s emphasis on stability in the cost of living for households and businesses alike.
Earlier assessments indicated that inflation in Russia had fallen to 2.32%, the lowest point since February 2020, when prices rose by about 2.3%. The more detailed analysis reveals a series of daily movements in early May, with inflation recorded at 2.42% on May 2, a stretch from May 3 to May 10 during which prices did not rise, and a slight negative shift in some food categories, including a 0.06% drop in food prices. The data also point to a cooling in general price pressures and a reduction in the costs of certain fresh produce, signaling a modulation in the pace of price increases across key segments of consumer spending.
In parallel, the category of non-food products showed a marginal decline of 0.01%. Consumers noticed softer dynamics in electricity tariffs and household appliances, with a broad implication that household-related spending faced less upward pressure. At the same time, the rise in passenger car prices appeared to slow, contributing to a broader sense of easing inflationary momentum within the economy.
Officials also noted that the Central Bank of Russia remains attentive to price movements and may adjust policy in response to evolving inflation signals. The governor of the central bank has signaled that the next policy decision will consider any renewed price pressures that could challenge the central bank’s 4% inflation target, reflecting a cautious balance between supporting growth and keeping price stability in focus.