The highest level in 20 years
Inflation in Russia rises to 17.8%
05/13/2022, 09:51 PM
Food prices have risen massively in Russia, sometimes by a third. Inflation hits its highest level in two decades. But President Putin sticks to his point: the sanctions against the war in Ukraine have done more harm to the West than to his country.
Amid Western sanctions against the military offensive in Ukraine, Russian inflation has hit its highest level in two decades. The annual inflation rate reached 17.8% in April, according to Russian statistics agency Rosstat. In the case of food prices, the inflation rate was therefore even 20.5%. Development is a concern, especially for low-income households.
According to Rosstat, pasta increased by 29.6% compared to the same period last year, the price of butter increased by 26.1% and fruits and vegetables increased by 33%. According to the Russian central bank, it expects the inflation rate to reach 23% this year before falling next year and finally reaching the 4% target in 2024.
Inflation in Russia has been rising for months. There are various factors to this, such as the economic consequences of the corona pandemic and high commodity prices. Moreover, due to the decision of the head of the Kremlin, Vladimir Putin, to send troops to Ukraine, Western states imposed a series of severe sanctions which, among other things, caused logistical problems in the Russian economy.
On Thursday, however, Putin assured that the West would hurt more than Russia with its sanctions. His country is resilient in the face of “external challenges”.