Russia Inflation February 2024

Russia: Inflation comes in at one-year high in February

Inflation came in at 7.7% in February, which was up from January’s 7.4%. February’s reading marked the highest inflation rate since February 2023 and surprised markets on the upside. Looking at the details of the release, price pressures for non-food goods and services accelerated in February. As a result, overall inflationary pressures remained well above the Central Bank’s 4.0% target.

That said, the trend pointed down, with annual average inflation edging down to 5.3% in February (January: 5.5%). Meanwhile, core inflation rose to 7.6% in February from January’s 7.2%.

Finally, consumer prices rose 0.68% in February over the previous month, which was below January’s 0.86% rise. February’s result marked the weakest reading since August 2023.

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