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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.
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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