Russia's inflation rate stays above 17% for May

Inflation in Russia remained high last month due to tough international sanctions imposed in response to the country's invasion of Ukraine.

Russia's statistics agency said on Wednesday the consumer price index in May rose 17.1 percent from a year earlier. Food prices surged 20.05 percent.

Although the cost of living continued to rise, the pace of inflation slowed from April when the index jumped 17.83 percent.