Month-on-month CPI growth in Russia 2012-2024
In April 2024, consumer prices in Russia increased by 0.32 percent compared to the previous month. Over the observed period, sharp spikes in the consumer price index (CPI) were recorded in January 2015, at nearly 3.9 percent, and in March 2022, at approximately 7.6 percent relative to the month prior. The first surge was attributed to an increase in food prices after Russia imposed an embargo on Western agricultural products in response to sanctions on Russia over the annexation of Crimea in 2014. The second surge followed Russia's invasion of Ukraine that began in February 2022.