Inflation rises to an over two-year high in April

Latest reading: Inflation rose to 6.5% in April from March’s 5.9%, rising further above the 5.0% upper bound of the government’s target. April's figure was the highest inflation rate since February 2023. Looking at the details of the release, the upturn was broad-based, with food, housing, textile and transport costs all picking up pace. Still, the trend was unchanged, with annual average inflation coming in at March’s 5.7% in April. Finally, consumer prices increased 1.00% from the previous month in April, accelerating from the 0.80% increase seen in March.

Panelist insight: EIU analysts commented: “The government aims to keep inflation within 5%, but inflation will accelerate in 2025 as Western sanctions (which continue to be imposed) disrupt supply chains, a weaker rubel drives up import costs, labour shortages push wages higher and looser price controls allow suppressed prices to surge.”

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