Inflation in Russia reached the highest level in more than 20 years

A food delivery man walks past a Rosbank branch in Moscow, Russia – Photo: REUTERS

According to Reuters news agency, the Russian Ministry of Economy noted that inflationary April 8 has increased from 16.7% a week ago.

The prices of almost everything in Russia, from vegetables and fruits to sugar to clothing and smartphones, have risen sharply in recent weeks after the West imposed sanctions on the country for its “war.” special military service” in Ukraine.

On April 13, the Central Bank of Russia also warned that the volatility of the ruble will lead to increased inflationary pressure in the country.

Russia’s National Statistics Service Rosstat recorded weekly inflation in Russia fell to 0.66% in the week to April 8, lower than 0.99% a week earlier.

Consumer price inflation from the beginning of the year to April 8 in Russia increased to 10.83%. In the same period last year, consumer prices in Russia increased by only 2.72%.

In March 2022, consumer prices in Russia increased by 7.61%. This is the largest monthly inflation in Russia since January 1999, due to the impact of sanctions and the depreciation of the ruble.

Russia’s Central Bank, which has set an annual inflation target of 4%, cut its key interest rate to 17% from 20% on April 8.

Alexei Kudrin, the head of Russia’s audit agency, said inflation in Russia could reach between 17% and 20% this year.