Special rate of inflation amid the special military operation

RUSSIA ECONOMICS - In Brief 16 Mar 2022 by Alexander Kudrin
Rosstat reported that inflation in seven days ending on March 11 reached 2.09%, and the MTD inflation on the same day was at 3.38%. As a result, the YTD figure jumped to 5.62%. Russia’s special military operation in Ukraine, which according to the country’s authorities goes in line with the plan, appeared very costly for the entire population as prices are rising fast all across the board, including very basic food products. Inflation tax will keep hitting low-income groups of the population. Those who lost their jobs in recent weeks and will lose them going forward will be hit badly also. The inflation outlook remains highly uncertain as it depends on the timeframe of the plan of the special military operation. The longer the latter continues, the higher inflation will be. So far, inflation close to 20% by year-end doesn’t look unachievable.Evgeny GavrilenkovAlexander Kudrin

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