Inflation in Russia is at its highest level in more than 20 years

The Russian Ministry of Economy said that annual inflation in Russia rose to 17.49% as of April 8, the highest level since February 2002 and up from 16.70% in the previous week, and the Central Bank warned that consumer inflation in Russia will continue to rise on an annual basis due to the fundamental effects He said that the volatility of the ruble would lead to upward inflationary pressure.

Data from Statistics Rosstat showed that weekly inflation in Russia slowed to 0.66% in the week ending April 8 from 0.99% in the previous week, bringing the annual increase in consumer prices to 10.83%. Russia's consumer prices rose 7.61% in March, their biggest monthly increase since January 1999, and the central bank, which aims for 4% annual inflation, lowered its key rate to 17% from 20%.