March 17, 2022
Russian inflation eased slightly from a multi-decade high, but there are signs that food staples and imported goods are growing increasingly scarce after international sanctions over the invasion of Ukraine.
Consumer prices rose 2.09% in the seven days ending March. 11, down from 2.22% a week earlier, the Federal Statistics Service said Wednesday. Annual inflation accelerated to 12.54% as of March 11 from 10.42% a week earlier, according to the Economy Ministry.
Russia may be headed for “Soviet-like inflation” that manifests itself not in higher costs but through a deficit of goods, according to Alexander Abramov, a specialist on financial markets at RANEPA, a state-run university in Moscow.
“The main risk now is the emergence of a shortage of basic imported everyday goods, as well as durable goods,” he said. “Many are no longer available in stores, and prices in online stores have risen sharply.”
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