Monthly inflation rate in Russia 2021-2023

In June 2023, the inflation rate in Russia stood at 3.3 percent compared to the same month of the previous year. The figure marked a decrease from June 2022, when it stood at almost 16 percent. The term inflation means the devaluation of money caused by a permanent increase of the price level for products (consumer goods, investment goods). Consumer Price Index (CPI) shows the price development for private expenses and shows the current level of inflation when increasing.

Russia's economy, an outlook

The Russian economy was estimated to shrink by 4.5 percent in 2022 as a result of the war in Ukraine that began in February of that year. Furthermore, the county's gross domestic product (GDP) was expected to decline in 2023. Consumer prices were projected to grow by around 14 percent in 2022. To compare, in 2021, the inflation rate was below seven percent.

Prices in Russia

Russia’s economy is highly dependent on and affected by the price of oil. The price of Urals crude oil stood at approximately 60 U.S. dollars per barrel in April 2023, having demonstrated the first significant spike after a continuous downward trend since October 2022. The highest producer price index (PPI) was recorded in the electricity, gas, and steam sector, with a price growth rate of 14.3 percent in March 2023.