Annual inflation in Russia rises to the highest level since 2002

Russia’s annual inflation accelerated to 17.70 percent as of April 22, the highest level since early 2002, and up from 17.62 percent a week ago, due to sharp price hikes amid Western sanctions, the Russian Economy Ministry said on Wednesday.

Prices of just about everything, from vegetables and sugar to clothes and mobile phones, have skyrocketed in the past few weeks since Russia launched what it calls a “special military operation” in Ukraine on February 24.

Consumer prices have increased since the beginning of the year by 11.32 percent, compared to an increase of 2.72 percent in the same period last year.

An economy ministry document showed on Wednesday that on an annual basis, inflation had already reached its highest level since 2002 at 17.62 percent in mid-April and was on track to accelerate to 22.6 percent for the whole of 2022.

The Russian Central Bank targets annual inflation at 4 percent.