MOSCOW (Reuters) – Russia’s weekly inflation, an important gauge closely watched by the central bank, slowed to the lowest level since the start of the year, according to statistical data released on Wednesday ahead of the regulator’s rate-setting meeting on March 21.
The data showed the Consumer Price Index (CPI) rose 0.06% in the week to March 17 after rising 0.11% in the week earlier, bringing price growth to 2.28% since the start of the year.
The last time weekly inflation was at the same level was in September 2024. Consumer prices also rose by 0.06% in the week of March 12-18 last year.
The central bank and economy ministry raised their annual forecasts for inflation, their biggest headache, to 7.0–8.0% for 2025 from an earlier forecast of 4.5-5.0%, which is well above the central bank’s 4% target.
The regulator’s board will convene this Friday to discuss the benchmark rate, which is currently at its highest in more than 20 years. All analysts in a Reuters poll expected the regulator to keep the rate on hold at 21%.
Russian consumer prices accelerated by 9.52% last year compared to 7.42% in 2023, making the 2024 inflation rate the fourth highest in the last 15 years.
(Reporting by Darya Korsunskaya and Gleb Bryanski, Editing by William Maclean)
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