By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, April 20, 2022

View on a business and office building in Moscow, near the financial center “Moskva City”.
Photo credit : Swann Collins, January 2022

Annual inflation in Russia as of April 15 was 17.62%, while a week earlier it was at around 17.49%, reported the Russian Ministry of Economy in its review “On the current price situation.”

The report notes that the main contribution to the slowdown in inflation was made by “deflation in the non-food sector (minus 0.01% after 0.51%) due to the continued cheapening of gasoline and the absence of price increases for other non-food products.

A significant contribution to curbing price growth is made by the prompt decisions of the Central Bank on monetary policy and government measures to saturate the domestic market, taken as part of the priority action plan,” said the Russian Ministry of Economy.

Weekly inflation (from April 9 to 15) slowed down from 0.66% to 0.2%, reported Rosstat, the Russian federal statistics agency.

Since the beginning of April, consumer prices have increased by 1%. Inflation from January amounts to 11.05%, according to Rossat.

Which products have risen in price the most in Russian shops from April 9 to April 15, 2022 ?

  • Margarine – 2.6%;
  • Rice – 2%;
  • Chocolate – 1.7%;
  • Black tea – 1.6%;
  • Sterilized milk – 1.4%.

Fruit and vegetable prices fell by an average of 0.9%: tomatoes – by 5.6%, white cabbage – by 4%, bananas – by 2.3%. The cost of beets increased by 2.8%, apples – by 2%, onions – by 1.8%.

Sunflower oil on average in Russia rose by 0.8% from April 9 to April 15, including in 63 territorial entities of the Russian Federation – by 0.1% to 4.0%. Prices have not changed in only 8 regions. In 14 subjects, sunflower oil even fell in price by 0.1% – 1.3%.

Prices for the following medicines have decreased: levomekol (1.5%), rengalin (1.4%), multivitamins (1.3%), ergoferon (1.2%), validol (1.1%). Rosstat recorded an increase in prices for non-food essentials. In particular, pads, soap (2.4%), dry pet food (2.2%), toothpaste (1.9%), toilet paper (1.6%), toothbrushes (1.4%) ).

At the same time, prices for electronics are falling in Russia. Indeed, smartphones fell in price by 2.7%, TVs – by 2.1%, vacuum cleaners – by 2%. Prices for gasoline decreased by 0.1%, for diesel fuel – did not change.

Tariffs for travel in a city bus on average in Russia increased by 1.3%, trolleybus – by 0.5%, tram – by 0.4%. The cost of a flight in the economy class cabin of an aircraft decreased by 1.0%.

The information was prepared by Rosstat on the basis of weekly registration of consumer prices for 106 types of goods and services in 282 Russian cities.

Inflation expectations of Russians in March 2022 amounted to 18.3%, reported the Russian Central Bank. This is the second highest result in the entire history of observations and the highest figure since December 2010.  The Central Bank believes that annual inflation will return to 4% in 2024.

Read also : How to invest in gold

Inflation in Russia in 2022 would be +20% and should decrease to +8% in 2023, according to the Macroeconomic Survey of the Bank of Russia. Surveyed analysts surveyed texpect that the national GDP could decrease by 8% by the end of 2022 because of Western sanctions. The Russian GDP would grow by 1% in 2023.

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© Copyright 2022 – Swann Collins, investor, writer and consultant in international affairs.