Latest reading: Harmonized inflation ticked up to 1.8% in December, following November’s 1.7% and below the Euro area average. The...
Inflation in Russia
From 2013 to 2022, Russia experienced high inflation, often exceeding 5%. The country's inflation was significantly influenced by geopolitical tensions, economic sanctions, currency volatility and fluctuations in global commodity prices. The Russian government and central bank implemented various measures to control inflation, but external factors and domestic economic challenges continued to exert upward pressure on prices.
Consumer price inflation in Russia averaged 7.2% in the ten years to 2022, below the Eastern European average of 7.7%. The 2022 average figure was 13.8%. For more inflation information, visit our dedicated page.
Russia Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Russia from 2014 to 2024.
Source: Macrobond.
Russia Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.4 | 6.7 | 13.8 | 5.9 | 8.5 |
| Inflation (CPI, ann. var. %, eop) | 4.9 | 8.4 | 11.9 | 7.4 | 9.5 |
| Inflation (PPI, ann. var. %, aop) | -3.4 | 24.6 | 12.1 | 5.3 | 12.6 |
Inflation shoots up in November
Latest reading: Inflation rose to 8.9% in November from October’s 8.5%, surprising markets on the upside. November's figure moved further above the 4.0% target of the Central Bank of Russia (CBR). Looking at the details of the release, the upturn came on the heels of stronger price pressures for food goods and services. Accordingly, the trend pointed up, with annual average inflation rising to 8.3% in November (October: 8.2%). Moreover, core inflation edged up to 8.3% in November from October’s 8.2%. Lastly, consumer prices increased 1.43% in November over the previous month, accelerating from October's 0.75% increase.
Outlook: Our panel expects the disinflation trend to resume in 2025, as a tight monetary stance and a high base effect will tame price pressures. Sluggish domestic demand will add further downward pressure. That said, inflation is forecast to outpace the CBR’s target throughout our forecast horizon to 2029; in 2025, labor shortages plus currency weakness fueling imported inflation will keep price pressures elevated.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Russian inflation projections for the next ten years from a panel of 31 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Russian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Russian inflation projections.
Want to get access to the full dataset of Russian inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
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France: Harmonized inflation rises in December -
Russia: Inflation shoots up in December Latest reading: Inflation jumped to 9.5% in December from November’s 8.9%, marking a near two-year high as sharp currency weakness... -
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France: Harmonized inflation rises in November Latest reading: Harmonized inflation inched up to 1.7% in November from October’s 1.6%, but remained notably below the Euro area... -
Russia: Inflation shoots up in November Latest reading: Inflation rose to 8.9% in November from October’s 8.5%, surprising markets on the upside. November’s figure moved further...