Price growth in March remains close to February levels
Measures of underlying inflation, which largely depend on demand, changed insignificantly in March. Nevertheless, the number of cheapening products decreased.
Goods and services with frequently changing prices continued to materially affect monthly price growth, although to a lesser extent than in February. Prices for goods, on which excise duties had been raised at the beginning of the year, continued to grow quickly. However, prices for fruit and vegetables were rising at a rate close to the seasonal norm for the second month in a row, while the increase in prices for international tourism services slowed.
The Bank of Russia will pursue monetary policy to ensure consistently low inflation.
More details are available in the new issue of the information and analytical commentary Inflation in Russia.