Russia’s inflation accelerates in February and early March, higher numbers yet to come

RUSSIA ECONOMICS - In Brief 09 Mar 2022 by Alexander Kudrin
Rosstat reported that the m-o-m inflation in February reached 1.17%, which brought the y-o-y and YTD inflation to 9.15% and 2.17%. In seven days ending March 4, inflation w-o-w was reported at 2.22%, and the MTD inflation reached 1.26% as Rosstat split the w-o-w inflation between the two months. Inflation YTD climbed to 3.46%. Weakening of the ruble, panic buying, and shortages of some goods caused inflation to accelerate across a broad range of products. More inflation is yet to come as sanctions keep coming, and the consumer has to bear the costs of these sanctions and the events that triggered them. High double-digit inflation will significantly reduce household consumption in real terms this year, albeit, at this stage, it is hard to say by how much – the process has just started, and the end is nowhere near.Evgeny GavrilenkovAlexander Kudrin

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