Russian Weekly Inflation Eases Further After Sharp Spike

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Russia's weekly inflation rate eased further in early May, data from statistics service Rosstat showed on Wednesday, after spiking sharply soon after Russia began what it calls a "special military operation" in Ukraine on Feb. 24, Reuters reported. Inflation is slowing even after the central bank lowered its key interest rate to 14% from 17% in April and said it saw room for more cuts, as it tries to manage a shrinking economy and soaring inflation. Inflation was 0.12% in the week to May 6, down from 0.21% a week earlier and well below the 2.22% hit in early March. Prices on nearly everything, from vegetables and sugar to clothes and smartphones, have risen sharply in recent weeks as Russia encountered logistics disruptions and increased volatility in the rouble. Year-to-date, consumer prices rose 11.78%, Rosstat said. Read more.