MOSCOW, Russia: Russia's weekly inflation rate has further eased after surging soon after Moscow began its invasion in Ukraine on 24th February.

The economic data was released this week by statistics service Rosstat.

In an effort to manage a shrinking economy and soaring inflation, the Russian central bank lowered its key interest rate from 17 percent in April to its current 14 percent, adding that it saw room for more reductions.

Inflation was 0.12 percent in the week to 6th May, down from 0.21 percent one week earlier, and well below the 2.22 percent figure seen in early March.

As Russia encountered logistics disruptions and increased volatility in the rouble, prices on nearly everything, from vegetables and sugar to clothes and smartphones, rose sharply in recent weeks.

According to Rosstat, year-to-date, consumer prices rose 11.78 percent, with annual inflation accelerating to 17.73 percent as of late April, the highest since 2002.

The Russian central bank, which has a target inflation of 4 percent, said the annual increase in consumer prices was on track to reach to 18 to 23 percent in 2022.