Between February 14 and February 20, 2023, Russia’s inflation rate stood at 0.06 percent, following a 0.18 percent rise in the week of February 7–13, according to Rosstat as reported by Interfax. This weekly price uptick marked the slowest pace seen since mid-December, when the same source recorded a 0.02 percent increase for the week of December 13–19. The earlier dip in late December was partly attributed to a sharp 9.1 percent fall in airfares, which pulled overall consumer costs lower before prices began to recover in January.
From the start of February through February 20, the cumulative rise in prices reached 0.46 percent, while the year-to-date increase stood at 1.30 percent. In annual terms, inflation showed a cooling trend: it was 11.77 percent at the end of January and 11.54 percent by late February, down from 11.94 percent at the end of December. The figures illustrate a broader pattern of moderating price growth alongside continued pressure from some goods and services in the consumer basket.
The institutions conducting the review pointed to several factors contributing to the inflation slowdown. Notably, the less rapid growth in the cost of fruits and vegetables reduced the upward pressure on overall prices, and in several sectors price declines persisted for other items, helping to temper inflation more broadly. Analysts emphasize that these dynamics reflect shifts in supply chains, seasonal factors, and the evolving stance of monetary policy during the period.
Economic forecasters, including those from the Ministry of Economic Development, projected a full-year inflation rate of around 5.5 percent for 2023. The ministry indicated plans to update macroeconomic forecasts for the current year and the following years in April, aiming to provide a clearer baseline for policy decisions and budget planning. Such updates are typically used to calibrate fiscal and monetary policy as the economy adjusts to external conditions and domestic demand.
In a related development, former Russian Prime Minister Mikhail Mishustin announced that an additional 10 percent would be indexed to the minimum wage on behalf of President Putin, a move that underscores ongoing efforts to address earnings thresholds amid the inflation trajectory. This step mirrors broader discussions about living standards, social protection, and the balancing act between wage growth and price stability in the economy.