Russian prices up 9.5% in 2024, continue to grow in 2025, statistical data shows

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Finance

Posted By Global Banking and Finance Review

Posted on January 15, 2025

Russian prices up 9.5% in 2024, continue to grow in 2025, statistical data shows

MOSCOW (Reuters) - Russian consumer prices grew by 9.52% last year compared to 7.42% in 2023, final statistical data showed on Wednesday, making the 2024 inflation rate the fourth highest in the last 15 years.

Russian consumer price growth exceeded 10% in 2022, the year Russia launched its invasion of Ukraine, and during the economic crisis of 2014-15, following the annexation of Crimea.

Inflation has become a major headache in Russia's overheated economy, where growth is fuelled by the state's military spending. The central bank maintains its benchmark interest rate at 21%, the highest level in 20 years, in an effort to reduce it.

Consumer prices grew by 0.67% in the first two weeks of 2025, which included a long New Year and Orthodox holiday, with growth led by prices for liquor, food, and public transportation tickets.

Prices for vodka increased by 3.7%, while prices for cucumbers rose by 8.6%. Subway ticket prices grew by 8.2% following an annual hike at the start of the year, followed by increases in prices for tickets on public buses and trams.

Despite overall wage growth, inflation is eroding the incomes of the most vulnerable groups, with real pensions falling by 0.7% from January to November 2024, according to data.

(Reporting by Darya Korsunskaya, writing by Gleb Bryanski; Editing by Toby Chopra)

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