Inflation in Russia accelerates to 6.02% YOY in May — statistics

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MOSCOW, June 7. /TASS/. Annual inflation in Russia accelerated to 6.02% in May from 5.53% in April, the Federal Statistics Service (Rosstat) reported on Monday. In comparison with the previous month, consumer prices rose by 0.74%.

In May, food products rose in price by 0.74% compared to April, and by 6.6% in annual terms, non-food products rose in price by 0.74% and 5.91%, respectively. The cost of services increased by 0.44% in monthly terms and by 3.11% in annual terms.

Earlier, Russian Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum (SPIEF) that inflation rates in Russia points at the economy’s “overheating” and the government is concerned about rising prices.

According to Economic Development Minister Maxim Reshetnikov, by the end of 2021, inflation in the country may be higher than the forecast of 4.3%. The ministry will update the forecast in July.

The government expects inflation at the level of 4.5-5% by the end of the year, First Deputy Prime Minister Andrey Belousov said earlier.

According to the Central Bank’s forecast, inflation in 2021 will be 4.7-5.2% and will return to the target of 4% in mid-2022.

In May, prices for meat and poultry rose by 1.26% in comparison with April and 7.94% in annual terms. Compared to April, beet rose in price by 35.3%, white cabbage by 25.2%, carrots by 18.8%, potatoes by 15.4%, onions ​​​​​​ by 11.3%, grapes by 4.2%.

On average, fruit and vegetable products became more expensive by 2.94%. At the same time, tomatoes fell in price by 8.3%, cucumbers by 7.9%, bananas by 1.3%, garlic by 0.3%, mushrooms by 0.2%.

Buckwheat went up in price by 2.7%, sunflower oil by 1.6%, granulated sugar by 0.3%, while chicken eggs fell in price by 6.8%.

In the category of non-food products, the following items went up in price: laundry soap by 1.6%, toothbrushes and matches by 1.4%, toilet paper by 1.3%, toilet soap by 1.1%, gasoline, diesel fuel, diapers for newborns, baby diapers, washing powders, disinfectants, toothpaste, toilet soap, wet and paper napkins, sanitary napkins, dry pet food by 0.1-0.9%.

At the same time, prices for sanitary and hygienic masks decreased by 4%, for gas motor fuel by 2.9%, and for hand sanitizers by 0.5%.

In May, prices for hotel accommodation increased by 3.5-11.7%, in hostels by 4.2%.

In the tourism sector, prices went up for the following services: excursion tours in Russia by 3.5%, bus excursions, tickets to museums and exhibitions by 0.8%, theaters and cinemas by 0.5%. Vacation trips to the UAE became 11.4% cheaper.

Prices for travel on long-distance trains increased by 3.1%, for air travel in economy class by 1.6%, for car rental by 1.5%, for taxi trips by 1%.