Consumer Inflation in Russia Accelerates for the First Time in a Year

Consumer prices in Russia grew at a stronger pace for the first time in a year. The Consumer price index (CPI) recorded 2.54% y/y growth in March 2020, accelerating slightly from 2.31% y/y in February 2020.

Inflation in Russia reached a year-high in March 2019 at 5.25% y/y and since the cooled down. The current move cannot be considered a sign of a trend yet, given the global instability due to the COVID-19 pandemic and the recent volatility on the oil markets.

The data breakdown suggest that inflation pressures were broad based, since the three key components – food, non-food, and services prices – reported growth rates of 2.2%, 2.54% and 2.97% y/y, respectively.

Detailed data and further indicators on Russia’s economy can be found in the CEIC Russia Premium Database.