After a sharp acceleration in March to 3.7% mom, consumer inflation slowed down in monthly terms to 2% in April. The main impact on the slowdown in consumer price growth was provided by food staples, along with the continued decline in energy prices. The strengthening of the exchange rate of the national currency, which won back most of the losses, is an additional factor behind stabilizing prices in the domestic market. However, in annual terms, inflation accelerated to 13.2%, the highest since October 2016 (11.5% yoy). Accumulated inflation for January-April was at 7.3% and has already exceeded the annual rate in the same period last year. The sanctions pressure on the Russian Federation increases the already high pro-inflationary background, both in the country and in the world, which increases the uncertainty regarding further dynamics of consumer prices.
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