Inflation in May 2022

In May, consumer inflation slowed down for the second consecutive month and amounted to 1.4% mom, after 2% mom in April and 3.7% mom in March. At the same time, due to effect of last year's low base, annual inflation accelerated to 14% from 13.2% in April. The main impact on the slowdown of the growth of consumer prices was provided by food products and paid services, while the growth rate of prices for non-food products accelerated. We expect a further slowdown of consumer prices growth in the coming months, which will help bring annual inflation below 14%.