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
Over the last decade, Russia experienced high inflation, largely exceeding the Central Bank's 4.0% target. The country's inflation rate was significantly influenced by geopolitical tensions, economic sanctions, currency volatility and fluctuations in global commodity prices. Despite aggressive rate hikes by the Central Bank, inflation has remained elevated due to prolonged war, sanctions and government stimulus.
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) | -3.7 | 24.5 | 12.1 | 4.1 | 11.8 |
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 32 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... -
United States: Inflation comes in at highest level since July in December Latest reading: Inflation rose to 2.9% in December, following November’s 2.7%. December’s result marked the highest inflation rate since July... -
Argentina: Inflation drops to lowest level since July 2023 in December Inflation drops to lowest level since July 2023 in December Latest reading: Latest reading: Inflation dropped to 117.8% in December,... -
Brazil: Inflation falls in December Latest reading: Inflation edged down to 4.8% in December, following November’s 4.9%. The print was in line with market expectations,... -
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...