Russia Inflation March 2023

Russia: Inflation falls to over two-year low in March

Inflation came in at 3.5% in March, down from February’s 11.0%. March’s reading marked the weakest inflation rate since July 2020. The huge drop was largely due to a large base effect, as March 2022 saw inflation spike as a result of Russia’s invasion of Ukraine.

Annual average inflation fell to 12.9% in March (February: 14.1%). Meanwhile, core inflation fell to 3.7% in March, from the previous month’s 12.7%.

Lastly, consumer prices increased 0.37% over the previous month in March, following February’s 0.46% rise.

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