Inflation averaged 7.2% over the decade to 2022, above the Central Bank's 4.0% target but slightly below the Eastern European average of 7.7%. Inflation soared into double digits in 2015 on a weak ruble and food import bans introduced by Moscow targeting Western imports. Inflation rose into double digits again in 2022, due largely to Western sanctions following Russia 's invasion of Ukraine. Inflation then slipped back into low single digits in early 2023 due to a tougher base effect.
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Russia Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Russia from 2013 to 2022.
Source: Federal Statistics Service Russia.
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 increases in August
Inflation jumped to 5.1% in August, up from July's 4.3%. Higher price growth for both foods and non-food goods more than offset cooling services inflation. August's reading represented the highest inflation rate since February. That said, the trend pointed down, with annual average inflation coming in at 7.6% in August (July: 8.3%). Meanwhile, core inflation rose to 4.0% in August , from July's 3.2%. Finally, consumer prices increased 0.28% in August over the previous month, moderating from the 0.63% rise recorded in July. August's result marked the weakest reading since October 2022.
Commenting on the inflationary outlook, analysts at EIU said: "Inflationary pressures will remain strong over this and next year as labour costs, as well as costs of imported components, continue to increase. […] Monetary policy will only have a minimal impact in the short term. […] We have revised our forecast for average annual inflation in 2023-24, from 5.1% to 6.1%."
Consensus Forecasts based on a panel of 34 expert analysts.
Want to get insight on inflation forecasts for Russia in the coming years? FocusEconomics collects projections for Russian inflation out to 2050 from a panel of 34 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.
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