The State Statistics Service (Rosstat) said consumer prices grew 1.4% in May against 0.6% a year earlier. Gasoline prices registered the quickest growth among non-food products that month, increasing 3.4%, Rosstat said.
As Russia continues to reap the benefits of high world oil prices with a large influx of petrodollars, consumer price growth has proved to be a major problem for the Russian authorities.
The Russian government plans to keep inflation within 10.5% in 2008.
The monthly minimum required to purchase staple foods grew by an average of 19.6%, year on year, from January 1 to reach 2,155 rubles ($90.9) as of the end of May, Rosstat said.
The International Monetary Fund said on Monday, following the results of the IMF mission's consultations with the Russian government, that inflationary pressure on Russia's economy was expected to remain, and that consumer prices could rise 14% this year.
Meanwhile, a government source earlier said consumer price growth in Russia could slow down to 0.8-1.0% in June compared with 1.0% a year earlier.
"The Ministry of Economic Development expects consumer price growth to start decelerating in June. In particular, prices of milk are expected to fall and bread prices to stabilize," the source said.
Mikhail Zadornov, a former finance minister and now head of VTB 24, a retail division of Russia's second largest bank VTB, said that the country's financial authorities have failed so far to formulate clear anti-inflationary measures, and that the ruble's appreciation in real and nominal terms remains the most effective way to combat inflation.
