russia’s inflation decelerated very slightly in may, to 3% year on year, after rising for two months, according to figures published Friday by the institute of statistics of Rosstat.
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In a context of global economic crisis due to the pandemic of Covid-19, the price increase in may (after +3.1% in April and +2.5% in march) is caused including by that of several food products. On the month, consumer prices rose 0.3%, a decrease compared to April (0.8%) and march (0.6 per cent). “In may, the rising prices of cereals and legumes had a significant influence on the price dynamics of foodstuffs. The price of gretchka (oatmeal, buckwheat is very popular in Russia) were up 6.3%,” notes Rosstat, who also cites the increase in rice prices (+4.6 per cent). In total, the prices of groats and pulses increased by 4.5% in may compared to the previous month, after rising sharply in April (+6.8%) and in march (+13.4 per cent).
A drop in GDP of 9.5% expected
The Russian central Bank had dropped the end of April the key rate, saying that the acceleration of inflation caused by the fall of the ruble and rushes on certain consumer products – would only be temporary. The central Bank maintains a target of 4% inflation this year.
To overcome the crisis of the coronavirus, Russia announced on Tuesday a plan to boost without previous 65 billion euros to reach a sustainable growth the end of 2021. The authorities have said they expect a fall in GDP of 9.5% in the second quarter and 5% to 6% on the whole of the year 2020.
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