MOSCOW: Inflation in Russia at the end of the current year may reach as high as 20 per cent, Accounts Chamber chairman Alexei Kudrin said on Tuesday. "Most likely, up to 20 per cent, maybe from 17 to 20 per cent, in this range," Kudrin said, speaking at the Federation Council with a report.
It is expected that the Bank of Russia and the Ministry of Economic Development will present new forecasts in April. According to a survey of analysts conducted by the Bank of Russia in early March, annualized inflation will be 20 per cent in December this year, 8 per cent next year, and 4.8 per cent in 2024.
The Russian economy has been significantly impacted due to several rounds of sanctions by mostly Western countries, targetting the country's exports, wealthy individuals, businesses, and even financial institutions.
Russia launched an invasion of Ukraine on February 24, three days after recognizing the Ukrainian breakaway regions of Donetsk and Luhansk as "independent republics", which drew heavy criticism as well as tough sanctions.