MOSCOW (Reuters), Despite seven interest rate increases by Russia’s central bank in the past year, consumer inflation rose to 8.39% in Russia in 2021, down from 4.91% in 2020.

Russia’s inflation, currently hovering at its peak since 2016, is a serious problem. It has lowered living standards, and President Vladimir Putin called for preventive measures.

In a Reuters poll, late December saw analysts expecting a consumer price index increase of 8.2%.

While the central bank had its target of inflation at 4% during the year, they revised their inflation forecasts higher but maintained that annual consumer price growth would be close to the goal in 2022.

According to Reuters’ monthly poll, the bank will raise rates from 8.5% in the first quarter 2022.

Rosstat announced that in the week ended Dec. 27, the consumer prices index rose by 0.2%.

Rosstat announced that the last inflation reading would be published on Jan. 12

Rosstat provided the following information:

RUSSIAN CPI Dec 21* Nov 21 Dec 20

Mth/mth change in pct = +0.82 +0.96 +0.83

Food +1.36+1.27+1.53

– non-food +0.64 +0.72 +0.40

Services +0.26 (+0.81+0.42

Change in Y/Y percentage +8.39 +8.40 (+4.91)

*Preliminary data