However, economists see inflation remaining high for the rest of 2022 due to the war, with the median estimate for inflation at year-end standing at 52%. The current account deficit has also widened sharply at the start of the year.
Last week’s Reuters poll showed annual inflation was expected to be 52% by year-end. Inflation was last at current levels in 2002, having hit 73.1% in February of that year.
Inflation has continued to rise despite tax cuts on basic goods and government subsidies for some electricity bills to ease the burden on household budgets.
Last week the central bank forecast annual inflation will peak at around 70% by June before declining to near 43% by year-end and single digits by end-2024.
The central bank held its key policy rate steady at 14% in four meetings this year and said measures and policy steps will prioritise so-called liraization in the market.
The domestic producer price index climbed 7.67% month-on-month in April for an annual rise of 121.82%.
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