Inflation in Russia

Russia Inflation (eop) | Economic News & Forecasts

Russia - Inflation (end of period)

Inflation remains steady in December

Consumer prices rose 0.82% over the previous month in December, which was below the 0.96% rise logged in November. December's result marked the weakest reading since September.

Inflation was stable at November's 8.4% in December. Meanwhile, the trend pointed up, with annual average inflation coming in at 6.7% in December (November: 6.4%). Lastly, core inflation ticked up to 8.9% in December, from November’s 8.7%.

Commenting on the result on the inflationary and monetary policy outlook, Artem Zaigrin, chief economist at SOVA Capital, noted:

“The high base effects start pushing the yoy inflation rate down. However, the main question is how fast the normalization process could occur. The current inflation run rate suggests that YE22 CPI could end the year at 5.1% yoy with an average rate of 6.8% yoy. If the first weeks of 2022 show few signs of deceleration, CBR will likely tighten the stance more, by 50bs to 9.00%, with risks of more extensive hikes skewed to an upside.”

FocusEconomics panelists see inflation averaging 6.2% in 2022, which is up 0.8 percentage points from last month’s estimate, and 4.2% in 2023.

Russia - Inflation (eop) Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %, eop)12.9  5.4  2.5  4.3  3.0  

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Russia Inflation (eop) Chart

Russia Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Russian Federal State Statistics Service (Rosstat) and FocusEconomics calculations.

Russia Facts

Value Change Date
Bond Yield6.230.13 %Dec 30
Exchange Rate62.03-0.12 %Dec 30

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