CPI growth in Russia quarterly 2012-2024, by product segment
In the second quarter of 2022, Russia's consumer price index (CPI) increased by nearly 17 percent compared to the corresponding quarter of the previous year. That was the most significant surge over the observed period. Russia suffered a currency crisis after it invaded Ukraine in February 2022, and Western countries imposed financial, economic, and trade sanctions on Russia. As a result, food consumer prices grew by almost 20 percent relative to the second quarter of 2021. In the first quarter of 2024, the growth rate of CPI slowed down for non-foods but remained high for services.