LAST UPDATE 19:42
Annual inflation in Russia accelerated to 17.49% on April 8, the highest level since February 2002, from 16.70% a week earlier, the Economy Ministry said on Wednesday.
Inflation in Russia will continue to accelerate on an annual basis, the central bank announced on Wednesday, warning that the ruble instability will continue, leading to rising inflationary pressures.
On a monthly basis, consumer prices in Russia jumped 7.61% in March, the biggest rise since January 1999, as the economy was hit by sanctions and the ruble fell sharply.
Year-on-year, inflation accelerated to 16.69% in March from 9.15% in February and officials say it could reach 20% this year.
The central bank said its policy would help inflation reach its 4% target in 2024.
Last week, the central bank unexpectedly cut its key interest rate to 17% from 20% and said future cuts were possible as emergency measures reduced the risk to financial stability, returned deposits to banks and helped reduce the threat. of inflation.
Source: Capital
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