FILE PHOTO: A customer hands over Russian rouble banknotes and coins to a vendor at a market in Omsk, Russia, February 18, 2022. REUTERS/Alexey Malgavko
March 16, 2022
(Reuters) – Weekly inflation in Russia slowed slightly to 2.09% in the week to March 11 from 2.22% a week earlier when it staged the sharpest one-week increase in prices since the 1998 crisis, data from statistics service Rosstat showed on Wednesday.
Inflation in Russia accelerated sharply amid the rouble’s fall to an all-time low and signs of increased demand for a wide range of goods, from food staples to cars, on expectations that their prices will rise even higher.
In the week to March 11, prices on nearly everything from baby food to pharmaceuticals rose sharply, with prices for sugar and tomatoes rising by more than 12%, Rosstat data showed.
The central bank, which targets annual inflation at 4%, raised its key rate to 20% in late February.
The central bank will next meet on rates on Friday and is expected to keep the cost of lending unchanged.
(Reporting by Reuters)
Source: One America News Network
