Russian inflation hits 10-year high

Russian inflation hits 10-year high

The latest data from the Russian Federal State Statistics Service shows that inflation in Russia has reached a 10-year high of 6.19% in 2021. This significant increase is primarily attributed to rising food prices and the depreciation of the ruble against major currencies.

Analysts point to several factors contributing to this inflation surge, including global supply chain disruptions, increased demand for goods as economies reopen post-pandemic, and rising energy prices. The Russian government has implemented various measures to combat inflation, such as freezing prices on certain essential goods and tightening monetary policy.

Despite these efforts, experts predict that inflation will continue to rise in the coming months, posing challenges for Russian consumers and businesses alike. The central bank has indicated that it may raise interest rates further to curb inflation, which could have implications for the overall economy.