Annual inflation in Russia rose to 9.15% in February from 8.73% in January, the highest level in seven years, according to official statistics, with prices soaring further due to the weakening ruble amid Western sanctions imposed due to the Russian invasion of Ukraine, as reported by Reuters.
According to Rosstat data released on Wednesday, prices for almost everything, from bread to petrol, rose sharply, with the cost of sugar and cereals, such as buckwheat, showing some of the largest increases 20 , 6% and 18%, respectively.
However, the largest increase in costs was recorded in building materials, such as wallpaper and bathroom tiles, with prices soaring by 22.5%, which indicates increased demand for the completion of renovation projects amid rising costs of imported products. , as the ruble falls.
It is recalled that the central bank of Russia has increased its key interest rate to 20% from 9.5% while it has also introduced capital controls.
On Wednesday, the Russian parliament announced that it was ready to introduce proposals to regulate the prices of food, medicine and other goods, with the government separately ordering the priority sale of cereals to domestic bakers in order to provide bread for Russians. .
On a monthly basis, inflation rose 1.17% in February, according to Rosstat. In the week to March 4, the consumer price index rose by 2.22%.
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Source: Capital
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