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The consumer price index in Russia increased by 9.52% in 2024, which is a significant acceleration compared to last year’s growth rate of 7.42%. Food inflation reached 11.05%, a record high since 2015. These data were released by Rosstat, according to The Moscow Times.
This year’s inflation rate is one of the highest in the last 15 years. Only in 2022 was the rate of price growth higher – 11.94% – and during the economic crisis after the annexation of Crimea, when prices rose by 11.35% in 2014 and 12.91% in 2015.
It is noted that food prices in Russian supermarkets have soared by tens of percent. Thus, prices for potatoes rose by 90.5%, cabbage by 42.6%, onions by 46.5%, beetroot by 32.3%, and butter by 35.2%. In addition, prices for milk rose by 18.2%, sour cream by 19.2%, cheese by 14.2%, while apples became 20.2% more expensive, cucumbers by 22.1%, and lamb by 23.1%.
Despite the Russian government’s attempts to control prices and the Central Bank of Russia’s rate hike to its highest level in two decades, prices continue to rise. This is especially true for food, which is the main item of expenditure for Russians.
Experts note that the sharp fall in the ruble at the end of 2024, when the dollar was above 100 rubles for the first time since the economic crisis, could lead to an even greater rise in prices in early 2025.
