Inflation in Russia jumps to 17.83% in April, highest since early 2002
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.
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.
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.