May 28, 2022
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Inflation in Russia hits highest since early 2002

Inflation in Russia hits highest since early 2002

Annual inflation in Russia accelerated to 17.62% as of April 15, its highest since early 2002 and up from 17.49% every week earlier, the economic system ministry mentioned on Wednesday, because the risky ruble despatched costs hovering amid Western sanctions.

Costs on practically all the things from greens and sugar to garments and smartphones have risen sharply in latest weeks after Russia on Feb. 24 started what it calls “a special military operation” in Ukraine.

However weekly inflation in Russia slowed after a giant rise in the previous few weeks, information from statistics service Rosstat confirmed on Wednesday, giving the central financial institution purpose to contemplate slicing charges at its board assembly on April 29.

The central financial institution has mentioned it could reduce its key rate of interest from 17% on the upcoming board conferences and can attempt to not decrease inflation, which it targets at 4% in annual phrases, by any means.

Weekly inflation in Russia slowed to 0.20% in the week to April 15 from 0.66% every week earlier, taking the year-to-date improve in shopper costs to 11.05%, Rosstat mentioned.

In the identical interval a yr in the past, shopper costs rose 2.72%.

Inflation might attain between 17% and 20% this yr, Alexei Kudrin, the top of Russia’s audit chamber, mentioned final week. Analysts polled by Reuters in late March had on common forecast 2022 inflation to speed up to 23.7%, its highest since 1999. — Reuters

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