Russia Inflation Rate Up to 13-Year High

Russian annual inflation rate increased further to 16.7 percent in February of 2015 from 15 percent in the previous month, due to higher food cost. It is the highest figure since March of 2002 when it was recorded at 16.8 percent.

Food and non-alcoholic beverages surged 26.1 percent, following a 22.8 percent rise in the previous month. Sugar cost increased 67.1 percent, cereals and legumes went up 51.5 percent, fish and sea products increased 30.8 percent and meat and poultry prices rose 25 percent.

Additional upward pressures came from transport (12.8 percent), housing, water, electricity and gas (9.8 percent), clothing and footwear (8.5 percent), alcoholic beverages and tobacco (15.5 percent) and hotels, cafes and restaurants (10.8 percent).

On a monthly basis, consumer prices increased 2.2 percent, lower than a 3.9 percent increase in January.

The inflation rate has been on an upward trend since the beginning of 2014 as the ruble depreciation lead to a rise in import prices – the currency lost nearly 90 percent to the USD since January 2014.

Russia Inflation Rate Up to 13-Year High

Joana Taborda |
3/5/2015 1:58:55 PM