Inflation in Russia Hits 7-Yr High, Prices Jump 10 Percent in Year-to-Date

File photo of a local resident picking food items at a supermarket in the Siberian town of Tara, Russia, on Dec. 14, 2021. Alexey Malgavko/Reuters

Annual inflation in Russia accelerated to 16.70 percent as of April 1, its highest since March 2015 and up from 15.66 percent a week earlier, the economy ministry said on Wednesday, as the volatile rouble sent prices soaring amid unprecedented Western sanctions.

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