According to data from state statistics service Rosstat, Russia's weekly consumer prices went up more quickly at the end of March. Russia's central bank held the key interest rate at 7.5% last month, maintaining a hawkish stance as a widening budget deficit and labor shortages pose ongoing inflationary risks. The bank said rate hikes were more likely than cuts this year.
Consumer prices rose 0.13% in the week to April 3, Rosstat said, compared with a 0.05% rise the previous week. Since the start of the year, prices have risen 1.60%, Rosstat said, a slower pace than in the same period of 2022. Prices for several foodstuffs rose, with fresh cucumbers and lamb among those items with prices escalating well above average. Russian households regularly cite inflation as their main concern, with many having no savings after a decade of economic crises and rising prices dragging down living standards.
Source: reuters.com