Russian inflation accelerates to 12.5%, highest since 2015

(Reuters) -Annual inflation in Russia accelerated to 12.54% as of March 11, its highest since late 2015 and up from 10.42% per week earlier, the economic system ministry stated on Wednesday, with weakening rouble sending costs hovering amid unprecedented Western sanctions.

Inflation accelerated sharply because the foreign money fell to an all-time low and amid indicators of elevated demand for a variety of products, from meals staples to vehicles, on expectations that their costs will rise additional.

Weekly inflation slowed barely to 2.09% within the week to March 11 from 2.22% per week earlier, which was the sharpest one-week improve in costs for the reason that 1998 disaster, information from statistics service Rosstat confirmed.

Costs of almost the whole lot from child meals to prescription drugs rose sharply final week, with sugar and tomato costs rising by greater than 12%, Rosstat information confirmed.

The central financial institution, which targets annual inflation at 4%, raised its key price to twenty% in late February.

“Tight financial circumstances facilitate inflation slowdown however, in our view, they will not put it aside from hovering above 20% this yr,” Raiffeisen Financial institution analysts stated.

The central financial institution will subsequent meet on charges on Friday and is predicted to maintain the price of lending unchanged.

(Reporting by ReutersEditing by Tomasz Janowski)

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