Year-on-year inflation hits 17.8% in April in Russia, record since 2002

MOSCOW, May 13, 2022 (AFP) – Inflation, which has been skyrocketing for months in Russia, rose further in April to 17.8% year-on-year, according to data from statistics agency Rosstat published on Friday (13), recording its level. highest since 2002.

Compared to April 2021, food prices increased by 20.5%. Among the most affected are basic products: cereals (+35.5%), pasta (+29.6%), butter (+26.1%), fruits and vegetables (+33.0%).

The price of audiovisual equipment such as TV sets increased by 22.7% and the prices of building materials rose by 27.5%.

Compared to March this year, prices rose 1.6% in April.

For the whole of 2022, annual inflation could reach 23%, before decelerating next year and returning to the 4% target in 2024, according to Russia’s Central Bank.

High inflation is a consequence of the economic recovery after the pandemic and the increase in raw material prices, now exacerbated by Western sanctions against Russia, which affect logistics chains.

Rising prices erode the purchasing power of Russians, with few savings, and is a puzzle for the authorities.

The central bank sharply raised its benchmark interest rate to 20% in light of the first sanctions following the invasion of Ukraine at the end of February, before starting a gradual decline. It currently stands at 14%.

About Abhishek Pratap

Food maven. Unapologetic travel fanatic. MCU's fan. Infuriatingly humble creator. Award-winning pop culture ninja.

Check Also

Cats know each other’s names and the names of people they live with

In recent years, scientists have been proving that cats really do connect deeply with humans, …