Russia: Inflation unchanged in May

In May, consumer prices rose 0.4% from the previous month, matching April’s reading and market expectations. According to Rosstat, prices rose for goods and services in May, but prices for food fell from the previous month.

Inflation was unchanged for a second consecutive month at 2.4% in May, a historically low level. Price pressures remain subdued and inflation lies far below the Central Bank’s target of 4.0%. Annual average inflation declined from 3.0% in April to 2.8% in May, a historical low.

Russia Inflation Forecast

Panelists see inflation ending 2018 at 3.7%, which is unchanged from last month’s forecast. For 2019, participants expect inflation to end the year at 3.9%.