The Consumer price inflation in Russia attained a value of 8.36 % in 2024
The indicator recorded a historical change (bps difference) of 166 bps between 2021 to 2024, and is expected to decline by...
GlobalData projects the figure to change by 366 bps between 2025 and 2029, reaching...
Inflation
Inflation is an upsurge in the level of prices of the goods and services in an economy, which leads to a decline in the purchasing power of the currency’s value. It is calculated as the rate of change in prices in a specific period. The consumer price index (CPI) is one of the most common indicators for measuring inflation in an economy.
Global Inflation
Global inflation is a measure of the average annual rate of growth increase in national prices across all countries. It can be calculated using various methods including simple average, weighted average, and median price change. Global Data forecasts that the world economy will grow at a slower pace of 3.5% in 2022 following a 5.9% growth in 2021. On the other hand, the global inflation rate is projected to rise to 6.5% in 2022 from 3.5% in the previous year due to supply chain disruption amid the Ukraine-Russia war.
Consumer Price Inflation in Russia
Between 2018-2021, the consumer price inflation in Russia was highest in the year 2021, reaching 6.7%, an increase of 97.6% over the previous year 2020. Between 2018 to 2021, Russia’s consumer Inflation increased by 1.3%.
Inflation in Russia jumped up to 5.8% in March 2021 well above the central bank’s target of 4%, according to the federal statistics service. Inflation in the country was driven by both external and internal factors. Rising food prices along with an increase in prices of vegetables remained the main drivers of rising inflation in March 2021. According to GlobalData, inflation is forecast to hover around 4.43% in 2021.
Inflation expectations of households remain elevated compared to the pre-pandemic period which will aid steady growth in demand. However, additional pressure on price growth is exerted from supply side factors which might constrain production.
Factors that Impact Inflation Rate
Some of the major factors affecting consumer prices are government policies, money supply, consumer spending, employment levels, high disposable income, and wage levels. Interest rates can also have a significant impact on spending on consumer goods.
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