The Russian Ministry of Economy said on Wednesday that annual inflation in Russia accelerated to 17.70% until April 22, the highest level since early 2002, up from 17.62% recorded a week ago, due to sharp price increases amid Western sanctions.
Prices of just about everything, from vegetables and sugar to clothes and mobile phones, have jumped in the past few weeks since Russia launched its war in Ukraine on February 24.
Consumer prices have increased since the beginning of the year by 11.32%, compared to an increase of 2.72% in the same period last year.
A document of the Ministry of Economy showed on Wednesday that on an annual basis, inflation has already reached its highest level since 2002 in mid-April, and is heading to accelerate to 22.6% for the whole of 2022.
The Russian Central Bank targets annual inflation at 4%.