Consumer inflation in Russia increased to 17.83 percent in April, the highest level since January 2002, according to data released on Friday, as the fluctuating rouble and unprecedented Western sanctions disrupted supply chains.
Monthly inflation fell to 1.56 percent in April, down from 7.61 percent in March, when it hit its highest level since January 1999, according to figures from the federal statistics office Rosstat.
Inflation in Russia has risen dramatically since Russia launched a “special military operation” in Ukraine on February 24.
The rouble’s drop to record lows in March stimulated demand for a wide range of items, from food basics to automobiles, as consumers anticipated higher prices.
The rouble has since recovered, reaching a near five-year high against the euro on Friday. High inflation has been a major source of anxiety among people for years, as it has eroded living standards, a trend that will be exacerbated this year by a sharp economic decline.
Inflation is expected to hit 18-23 percent this year, according to the central bank. However, following an emergency rate hike to 20% in late February, it has already dropped its main rate to 14% and stated that more monetary easing is needed to boost the economy.
