(Reuters) – Russia’s weekly inflation rate fell in April. Data from Rosstat on Friday showed that the data was based on statistics services Rosstat. This confirms the easing of price pressures, days after central banks cut interest rates.

The central bank lowered its key interest rate to 14% from 17% in a sharper-than-expected move last week and said it saw room to cut further this year, as it tries to juggle the twin tasks of managing a shrinking economy and soaring inflation.

The week ended April 29th saw inflation at 0.21%, a decrease of 0.25% from the previous week and significantly lower than the March high of 2.22%.

The economy ministry reported that prices have soared due to Western sanctions and a volatile currency and logistic disruptions.

According to the central bank, inflation is expected to rise to 18-23% over the entire period of 2022. They target inflation at 4%

The prices of almost all staple food, clothing, and smartphones have gone up sharply since Russia launched “a special military operations” in Ukraine on February 24, 2017.

The consumer price index is up by 11.56% for the year.