Rising Russian food prices pushes inflation to highest level since 1999

Russian food inflation

Rising Russian food prices: Russian consumer prices rose by 3.9% last month, the biggest hike since during the peak of its last economic crisis in 1999, according to statistical data published by the Ministry for Economic Development this week. The principle causes behind the rise are the collapse in the price of the rouble which has sent the cost of imported goods soaring and massive increases in food prices, a direct result of the ban on imports from the EU and US. The ministry predicts that the annual  inflation rate – currently standing at 15% – will peak at 17-17.5% at the end of the second quarter of the year.

Source: rbth