Annual inflation in Russia reached 14,53% on March 18, the highest level since November 2015, from 12,54% a week earlier, the Russian Economy Ministry said on Wednesday, as the wounded ruble sent prices soaring. amid unprecedented Western sanctions.
According to Reuters, inflation accelerated sharply as the Russian currency hit a record low earlier in March and demand for a wide range of goods, from basic foodstuffs to cars, rose sharply amid expectations that prices would rise further.
Weekly inflation in Russia fell slightly to 1,93% per week until March 18 from 2,09% a week earlier, bringing prices up from the beginning of the year to 7,67%, as shown on Wednesday the data of the statistical service Rosstat.
In the week to March 18, prices for almost all commodities, from baby food to medicine, rose sharply, with prices for sugar and onions rising by more than 13%, according to Rosstat. The central bank, which targets 4% annual inflation, maintained its key interest rate at 20% in March and warned of an impending rise in inflation and looming economic contraction. The bank expects inflation to return to target in 2024.
KYPE