Blamed for Putinflation Abroad, Russia Now Sees Prices Cool
- Inflation’s below 4% target in March for first time since 2020
- Putin gets political boost as inflation decelerates sharply
A shopper walks past vegetables stalls at a market in Moscow, Russia.
Photographer: Kirill Kudryavtsev/AFP/Getty Images
This article is for subscribers only.
A war launched by the Kremlin against Ukraine took the blame for driving up the global cost of everything from food to fuel, prompting international sanctions that also contributed to one of the biggest price shocks in modern Russian history.
But a year on, and even as inflation continues to rage in many major economies, price growth in Russia has plunged near the level in Japan and well below those seen in the US and the Eurozone.