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Russia’s annual inflation soars to 17.49% as of April 8th

Russia’s annual inflation soars to 17.49% as of April 8th

Russia’s annual inflation has hit its highest level in more than 20 years, recording 17.49% as of April 8th, Reuters reported, citing the economy ministry.

The inflation accelerated due to the volatility of ruble and higher prices amid the strictly imposed sanctions on Russia.

Prices across all segments from food to clothes and electronics have soared in recent weeks following the Russian invasion of Ukraine that began on February 24th.

In March, monthly consumer prices in Russia increased 7.61%, marking the highest since January 1999.

The Russian central bank targets annual inflation of 4%, and it recently cut its key rate to 17% from 20%

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