Russia heading for deepest recession since Soviet collapse, UK warns, as inflation jumps – as it happened

The Moscow headquarters of Russia’s Central Bank, which cut interest rates from 20% to 17% today Photograph: Maxim Shemetov/Reuters

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Russian inflation accelerated to two-decade high in March

Just in: inflation in Russia accelerated last month as the plunge in the rouble drove up import costs and sanctions hit the economy.

Data just released shows that Russian consumer prices jumped by 7.61% in March alone, the fastest monthly increase in inflation since 1999.

The annual CPI index rose by 16.69% in March, sharply up on February’s 9.15%.

Inflation Rate in Russia increased to 16.70 percent in March from 9.20 percent in February of 2022. https://t.co/63c4utFrrC pic.twitter.com/s0hWM2jvL1

— Trading Economics (@tEconomics) April 8, 2022

Reuters has more details:

In March, sugar prices jumped 44% compared with February, while prices for onions and washing machines rose 50% and 46%, respectively.

#BREAKING Inflation in Russia hit 16.7% in March year on year, according to data from the statistics agency Rosstat.

— CGTN Europe (@CGTNEurope) April 8, 2022