Monthly inflation rate in Russia 2022-2024

In October 2024, the inflation rate in Russia stood at around 8.5 percent compared to the same month in the previous year, showing a slight increase. The rate has gradually risen from March 2023 to October 2024. The highest rate during the observed period was recorded in April 2022, at 17.8 percent. The term inflation means the devaluation of money caused by a permanent increase of the price level for products (consumer goods, investment goods). Consumer Price Index (CPI) shows the price development for private expenses and shows the current level of inflation when increasing. 

Russia's economy, an outlook

The Russian economy was expected to grow by 1.3 percent in 2024 despite the Western sanctions over the war in Ukraine that began in February 2022. At the same time, consumer prices were projected to grow by more than seven percent in 2024 relative to the previous year. In 2022, the inflation rate was almost 13.8 percent.

Prices in Russia

Russia’s economy is highly dependent on and affected by the price of oil. The price of Urals crude oil stood at approximately 62.4 U.S. dollars per barrel in January 2024, having demonstrated an increase from the previous month. The highest producer price index (PPI) was recorded in the mineral extraction sector, with a price growth rate of 41.2 percent in September 2023.