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Inflation in Russia jumps to 17.83% in April, highest since early 2002
By Arghyadeep Dutta - May 13, 2022, 03:43 PM ET
Last Updated - Feb 27, 2024, 02:48 PM EST
Prices of fruits and vegetables jumped 33%
Monthly inflation slowed to 1.56% last month from 7.61% in March
Russia’s consumer inflation jumped to 17.83% year-on-year in April, the highest since January 2002, affected by the volatile Ruble and unprecedented western sanctions that disrupted logistics chains.
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The federal statistics service Rosstat published the consumer price index data on Friday, saying that there’s a hike of 33% seen in the fruits and vegetable prices from a year earlier.
However, monthly inflation slowed to 1.56% in April from 7.61% in the month earlier, when it staged the most significant month-on-month increase since January 1999.
The fall in the Russian currency to record lows in March increased the demand for a wide range of goods on expectations that prices would rise further.
The Ruble has recovered since and jumped to a near five-year high against the US Dollar and Euro on Friday.
Although the Central Bank of Russian Federation targets to tame inflation at 4%, the financial institution expects it to reach 18-23% this year.
It has already cut its interest rate to 14% after an emergency rate hike to 20% in late February and said it saw room for more monetary easing to help the economy.
Picture Credit: PYMNTS
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