Ministry of Economy Annual inflation in Russia decreased to 6%

The Russian Ministry of Economic Development has reported a decrease in the country’s annual inflation to 6% for the period of March 14 to 20.

In a review of the price situation, the ministry stated that inflation had slowed from the previous week’s 7.65%. The report indicated a 0.1% increase in inflation during the week, with food prices increasing due to the rise in costs for most food items, except for vegetables and fruits, which saw their prices decline significantly.

The decrease in annual inflation for Russia is welcome news for the economy, which has been struggling with the effects of the COVID-19 pandemic and the drop in oil prices. The Russian government has implemented policies aimed at curbing inflation, such as increasing the minimum wage and investing in infrastructure projects, to stabilize the economy.

Meanwhile, the Russian Ministry of Foreign Affairs has announced its intention to halt its participation in the Black Sea initiative for the export of Ukrainian food products if there is no progress in implementing the memorandum of understanding with the United Nations regarding the export of Russian agricultural products.

The ministry’s statement outlined the conditions required for Russia to continue its participation in the initiative, which includes reconnecting Rosselkhozbank to the international payment system “Swift”, lifting restrictions on insurance and reinsurance, and lifting the ban on access to ports.

The suspension of Russia’s participation in the Black Sea initiative could have an impact on the agricultural sector in Ukraine, which has become one of the country’s biggest exports. However, the conditions set out by Russia are part of a broader effort to promote the country’s agricultural industry, which has seen significant growth in recent years.

The decrease in annual inflation for Russia and the potential suspension of its participation in the Black Sea initiative demonstrate the country’s efforts to stabilize its economy and promote its agricultural sector. These developments will be closely watched by analysts and investors looking for signs of progress in the Russian economy.