Russia's consumer price inflation came in at 8.39 percent year-on-year in December 2021, little changed from the previous month's rate of 8.40 percent, which was the highest since January 2016. Inflation has risen sharply in 2021 and is now running at a level that is more than twice the central bank's target of 4 percent, on the back of a rapid economic recovery from the initial phase of the coronavirus, reports of labor shortages across many industries and the ongoing supply issues. Upward pressure came from food (10.62 percent vs 10.81 percent in November), non-food products (8.58 percent vs 8.32 percent), and services (4.98 percent vs 5.15 percent). Policymakers have warned about the threat of an inflationary spiral as consumers bring forward purchases as they fear future price rises, and said food prices should increase further in 2022 due to a weaker-than-expected agricultural season in Russia source: Federal State Statistics Service
Inflation Rate in Russia averaged 110.88 percent from 1991 until 2021, reaching an all time high of 2333.30 percent in December of 1992 and a record low of 2.18 percent in February of 2018. This page provides - Russia Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Russia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2022.
Inflation Rate in Russia is expected to be 7.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Inflation Rate is projected to trend around 4.80 percent in 2023 and 4.30 percent in 2024, according to our econometric models.