Inflation in Russia hits highest in more than 20 yrs amid Western sanctions

The central bank, which aims for annual inflation of 4 per cent, cut its key rate to 17 per cent from 20 per cent on Friday and said future cuts were possible

Annual inflation in Russia accelerated to 17.49 per cent as of April 8, its highest since February 2002 and up from 16.70 per cent a week earlier, the economy ministry said on Wednesday, as the volatile ruble sent prices soaring amid unprecedented Western sanctions. Prices on nearly everything from vegetables and sugar to clothes and smartphones have risen sharply since Russia’s February 24 invasion of Ukraine.

The central bank warned on Wednesday that consumer inflation in Russia will keep on accelerating in annual terms due to base effects, saying that ruble volatility will lead to upside inflationary pressure. 

Weekly inflation in Russia