Russian inflation reaches 17.83% and records highest rate since January 2002

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Russia’s inflation accelerated in April to 17.83% year-on-year, its highest level since January 2002, data showed on Friday.

The index was boosted as a reflection of the volatile ruble and unprecedented Western sanctions brought on by the war, which have disrupted supply chains.

On a monthly basis, inflation slowed to 1.56% in April from 7.61% in March, when it registered the biggest monthly increase since January 1999, data from the federal statistics service Rosstat showed.

Inflation in Russia accelerated sharply after Russia launched what it calls “a special military operation” in Ukraine on February 24.

The ruble’s fall to record lows in March boosted demand for a wide range of goods from staples to cars, with the expectation that prices would rise further.

The ruble has since rebounded and firmed up at a nearly five-year high against the euro on Friday.

High inflation has been a top concern among Russian households for years as it affects living standards, a drop that this year will be exacerbated by a sharp economic contraction.

The central bank is targeting inflation at 4% but expects it to reach 18-23% this year.

But it has already cut its base rate to 14% after an emergency rate hike to 20% in late February, and said it sees room for more monetary easing to help the economy.

Source: CNN Brasil

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