Highest level in 20 years
Inflation in Russia rises to 17.8 percent
05/13/2022, 21:51
Food prices have risen massively in Russia, sometimes by a third. Inflation hits its highest level in two decades. But President Putin is sticking to his point: the sanctions over the Ukraine war have done more harm to the West than to his country.
Amid Western sanctions over the military offensive in Ukraine, Russia’s inflation has risen to its highest level in two decades. The annual inflation rate reached 17.8 percent in April, according to the Russian statistical agency Rosstat. In the case of food prices, the inflation rate was therefore even 20.5 percent. The development is a cause for concern, especially for low-income households.
According to Rosstat, pasta rose by 29.6 percent compared to the same period last year, the price of butter increased by 26.1 percent and fruit and vegetables rose by 33 percent. According to the Russian central bank, it expects the inflation rate to rise to 23 percent this year before falling next year and finally reaching the target of four percent again in 2024.
Inflation in Russia has been rising for months. There are various factors for this, such as the economic consequences of the corona pandemic and high raw material prices. In addition, because of Kremlin chief Vladimir Putin’s decision to send troops to Ukraine, Western countries imposed a series of severe sanctions that, among other things, lead to logistical problems in the Russian economy.
On Thursday, however, Putin assured that the West would do more harm to itself than Russia with its sanctions. His country is resilient to “external challenges”.