(OP)inions Russian inflation

March 17, 2022 

Russian inflation eased slightly from a multi-decade high, but there are signs that food staples and imported goods are growing increasingly scarce after international sanctions over the invasion of Ukraine. 

Consumer prices rose 2.09% in the seven days ending March. 11, down from 2.22% a week earlier, the Federal Statistics Service said Wednesday. Annual inflation accelerated to 12.54% as of March 11 from 10.42% a week earlier, according to the Economy Ministry. 

Russia may be headed for “Soviet-like inflation” that manifests itself not in higher costs but through a deficit of goods, according to Alexander Abramov, a specialist on financial markets at RANEPA, a state-run university in Moscow. 

“The main risk now is the emergence of a shortage of basic imported everyday goods, as well as durable goods,” he said. “Many are no longer available in stores, and prices in online stores have risen sharply.” 

OnePro Special Analyst

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