Inflation, which spiked in Russia to a 20-year high before retreating, remained at a high level in July at 15.10% year-on-year, according to data from Rosstat statistics released on Wednesday. In June, the inflation registered in Russia had already reached 15.09% per year.
Food prices continue to be the most affected by the acceleration in June, rising by 17.7% year-on-year. They were driven in particular by basic products such as sugar (+42.3%), pasta (+26.4%), butter (+25%) and bread (+18%).
Compared to June, however, prices overall fell 0.39% and food prices fell 1.73%.
An increase in prices after sanctions
Prices, already on the rise in Russia due to the post-pandemic recovery and higher commodity prices, had soared following the imposition of sanctions on Russia for the entry of its troops into Ukraine at the end of February, which which caused major logistical disruptions.
In April this year, inflation even broke a record since 2002, rising to 17.8% in one year. At the end of May, President Vladimir Putin assured that inflation would not exceed 15% at the end of 2022, while announcing an increase in pensions and social minimums.
The price rise has already sapped the purchasing power of Russians, who have little savings, and caused their consumption to plummet more than 10% in May in a year.
Source: BFM TV
