(Reuters) – Russia’s weekly inflation rate fell further in May according to Rosstat data. It had risen sharply after Russia launched a special military operation in Ukraine, which it called “special military operations”, on February 24.

The central bank has lowered its key rate to 14% in April from 17%, but inflation is still slowing. It also stated that it sees room for further cuts as it attempts to control a declining economy and high levels of inflation.

The week ended May 13th saw inflation of 0.05%, a decrease from 0.12% one week prior and below the 2.222% recorded in March.

Rosstat stated that so far this year, Russian consumer prices rose by 11.84%.

In recent weeks, almost all prices, including vegetables, sugar, clothes, and smartphones have gone up sharply due to Russia’s logistics problems and volatility in its rouble.

Inflation has reached 17.83% in April. This is the highest rate since January 2002. Inflation is controlled by the central bank at 4%. The annual consumer price increase was expected to rise to 18-23% for the entire of 2022, according to the bank.