Retail

Inflation Climbs Above 15.6% In Russia, Highest Since September 2015

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Annual inflation in Russia accelerated to 15.66% as of 25 March, its highest since September 2015 and up from 14.53% a week earlier, the economy ministry said, as the battered rouble sent prices soaring amid unprecedented Western sanctions.

Inflation in Russia has accelerated sharply in the past few weeks as the rouble's fall to an all-time low boosted demand for a wide range of goods, from food staples to cars, on expectations that their prices will rise even higher.

In February, annual inflation in Russia was at 9.15%.

Inflation

Weekly inflation in Russia slowed to 1.16% in the week to 25 March from 1.93% a week earlier, taking the year-to-date increase in consumer prices to 8.91%, data from statistics service Rosstat showed on Wednesday.

In that week, prices on nearly everything from baby food to pharmaceuticals rose further but at a slower pace than in the previous weeks.

Read More: Carlsberg Joins Heineken In Quitting Russia, Faces Big Hit

The central bank, which targets annual inflation at 4%, held its key rate at 20% in March and warned of an imminent spike in inflation and a looming economic contraction.

As of 18 March, annual inflation in Russia accelerated to 14.53%, its highest since November 2015 and up from 12.54% a week earlier.

Elsewhere, a report form Forbes Russia has unveiled that Russian shopping malls are facing a drop in rental income of around 30% to 50% this year due to international brands shuttering their operations, leaving many facing bankruptcy.

News by Reuters, edited by ESM – your source for the latest A-Brands news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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