By Swann Collins, investor and consultant in global affairs – Eurasia Business News, December 30, 2021

Smolenskyi Boulevard, Moscow, 2021–  Photo credit : Swann Collins.

Annual inflation in Russia reached 8.39 percent, according to a preliminary estimate of Rosstat, the Russian Federal Statistics Agency. Inflation was 4.9% in 2020 and 3.0% in 2019, after 4.3% in 2018, 2.5% in 2017 and 5.4% in 2016.

Russian consumer prices for goods and services exceeded the official forecasts and became the maximum since 2015 – then inflation reached 12.91 percent.

“According to preliminary data, the consumer prices index in December 2021 will be 100.82 percent, from the beginning of the year – 108.39 percent” reported Rosstat. For comparison: in December 2020, prices rose by 0.83 percent, in annual terms – 4.91 percent.

Russian food products in December rose by 1.36 percent, and over the year – 10.62 percent, non-food products – by 0.64 percent and 8.58 percent, according to Rosstat. Service prices rose 0.26 percent on a monthly basis and 4.98 percent on an annualized basis.

Rosstat will present the final figures  on the consumer prices index in December 2021 for the full list of goods and services on January 12, 2022.

The Russian central bank keeps its inflation forecast for 2022 in the range of 4-4.5%.

The Russian federal government’s forecast for inflation in 2022 is 4.0%.

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© Copyright 2021 – Swann Collins, investor and consultant in global affairs.