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Russian consumer prices up nearly 11% year-to-date

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3 years ago

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The weekly inflation rate in Russia fell to 0.66% from 0.99% a week before. This brings the annual increase in consumer prices to 10.83% according to data from Rosstat.

Consumer prices increased by 2.7% in the same time frame a year ago.

Since Russia launched on February 24, what it calls a “special military operation” in Ukraine, prices on almost everything have risen sharply.

Consumer prices in Russia rose 7.61% in March. This was their largest month-on-month rise since January 1999. The economy suffered a severe hit from sanctions and a record-breaking fall in the rouble. Since then, it has been able to pare its losses.

The central bank, which aims to keep annual inflation below 4%, lowered its key rate from 20% to 17% on Friday. Future cuts are possible, it said. Read more

According to Alexei Kudrin (head of Russia’s auditor chamber), Russia’s inflation could rise between 17%-20% this year. Reuters polled analysts in March and predicted that 2022 inflation would accelerate to 23.7%. This is the highest level since 1999. more

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