The expert admitted a change in the dynamics of inflation in Russia

Inflation in Russia showed near-zero weekly dynamics in April, but it is premature to talk about a steady slowdown in price growth. Alexander Zaitsev, CEO and founder of Atomic Capital, told Izvestia on May 4.

According to Rosstat, weekly inflation rates remained minimal in April: from April 7 to April 13 — 0.00%, from April 14 to April 20 — 0.01%, from April 21 to April 27 — 0.05%. Thus, for three consecutive weeks, the price dynamics was near zero, which created the impression of a slowdown in inflationary processes.

However, the expert notes that the April data should not be considered as a steady trend. According to him, there are a number of factors indicating a possible acceleration of inflation in the coming months.

"Firstly, on a monthly basis, inflation remains stable: in February–March, it was in the range of 5.86–5.91%. According to operational estimates, the accumulated price increase for April is about 0.2–0.3%. This does not indicate a pronounced slowdown in inflation," Zaitsev explained.

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At the same time, the situation remains difficult, and expectations, rather than current results, are growing first of all.

Secondly, in his opinion, external inflationary risks persist. Geopolitical tensions in the Middle East may lead to an increase in global commodity prices, primarily for energy resources. This, in turn, can have an impact on the Russian economy through import channels and inflationary expectations.

The expert called the internal priorities of economic policy the third factor. He noted that the focus on stimulating economic growth could lead to a more lenient approach to inflation.

"In the current configuration, it cannot be ruled out that the regulator will take into account the need to support business activity, even if this implies some acceleration of inflation," he added.

Zaitsev also stressed that the baseline scenario assumes a moderate acceleration of inflation in the second half of the year against the background of external factors and possible easing of monetary conditions.

Maxim Oreshkin, Deputy head of the Presidential Administration, said on April 26 that the economic situation in Russia was difficult due to a number of factors, and this was due to a shortage of personnel and resources. At the same time, before that, the Minister of Economic Development of the Russian Federation Maxim Reshetnikov noted that the Russian economy has all the resources for growth.