Inflation in Russia on an annual basis as of April 1 has accelerated to 16.70 percent, which is its highest level since March 2014, the country's Ministry of Economy said, quoted by BTA.

A week earlier, inflation was at 15.66 percent.

Britain has imposed new sanctions on Russia against the banking and energy sectors

Rising prices have risen sharply in recent weeks, mainly due to sanctions imposed by Western countries, followed by a shortage of many goods in Russia.

On a weekly basis, inflation in the week ending April 1 fell to 0.99 percent from 1.16 in the previous period, according to Rosstat.

According to official data, absolutely everything has risen in price - from vegetables and sugar to clothes and smartphones, although growth has slowed slightly.

The country's central bank, which has set an annual inflation rate of 4 percent in its program for the year, has maintained the key interest rate at 20 percent since the start of the war in Ukraine in an attempt to curb the rise.

Nearly 75 percent of Russians expect inflation to exceed 20 percent in 2022, according to an online poll.

Analysts believe that future inflation risks will be limited by a serious decline in real incomes in the country.

Russia

record inflation