Economics
Russian Inflation Spikes to 20-Year Record on War and Sanctions
- Annual inflation hit 17.8% in April, slightly below forecasts
- Central bank has been cutting rates as demand weakens
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Russian inflation jumped to the highest level since 2002 as international sanctions imposed over Vladimir Putin’s invasion of Ukraine pressured prices and disrupted supply chains.
Price growth was 17.8% in April from a year earlier, the Federal Statistics Service said Friday. That was just below analyst estimates for 18%, according to a Bloomberg survey of 16 economists. The core rate, which excludes volatile components like fuel and produce, ran even higher at 20.4%.