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Inflation in Russia spikes above 14.5%, highest since late 2015 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: An assistant at the shop shows Russian rouble notes in a Stavropol supermarket, Russia on January 21st 2016. Russia’s rouble dropped further on January 20, setting an all-time low of more than 81 Russian roubles for every dollar.

(Reuters) – Russia’s annual inflation accelerated to 14.53% in March 18th, its highest level since November 2015. This is up from 12.54% a few weeks earlier. The economy ministry stated Wednesday that the battered rouble caused prices to soar amid Western sanctions.

As the currency plunged to an all-time low earlier this month, inflation was accelerated. The demand for wide variety of goods, such as food staples and cars, increased sharply due to expectations that they will increase in price.

According to Rosstat statistics, the weekly Russian inflation fell slightly from 2.09 a week ago to 1.93%.

Rosstat data shows that in the week ended March 18, almost all prices, including baby food and pharmaceuticals, increased sharply. Prices for sugar, onions, and other products rose by 13%.

According to the bank’s target of 4% annual inflation, it held its key interest rate at 20% in March. The central bank warned about an impending spike in inflation as well as a possible economic recession. Inflation should slow down to the bank’s target by 2024, according to the bank.

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