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
Russia Inflation Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 2.9 | 4.5 | 3.4 | 6.7 | 13.8 |
Inflation (CPI, ann. var. %, eop) | 4.3 | 3.0 | 4.9 | 8.4 | 11.9 |
Inflation (PPI, ann. var. %, aop) | 11.9 | 3.2 | -3.4 | 24.6 | 12.1 |
Inflation holds stable in January
Inflation held steady at December's 7.4% in January. December´s reading marked the highest rate since November 2023. Food and services inflation cooled slightly at the outset of 2024, while prices for non-food goods rose at a quicker pace. As a result, overall inflationary pressures remained well above the Central Bank's 4.0% target. The trend pointed down, with annual average inflation coming in at 5.6% in January (December: 5.9%). Meanwhile, core inflation rose to 7.2% in January, from December’s 6.8%. Lastly, consumer prices increased 0.86% in January over the previous month, accelerating from the 0.73% increase logged in December.
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 30 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.
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