Inflation in Russia in 2024 reached 9.52%

In 2022, inflation reached 11.94%. The final data for 2024 exceeded the expectations of the Central Bank, which had previously forecast price growth of 8-8.5%. In September, the Ministry of Economic Development expected inflation to be 7.3% by the end of the year. Last year, the highest price increase was noted in the services sector (+9.97%) and food products (+9.18%), among which fruit and vegetable products increased in price by 16.37%. Non-food products increased in price by 6.38%. In 2024, the most noticeable price increase was observed for chicken eggs (+29.39%), butter ( +17.22%) and MEAT and poultry (+11.38%).

The price of medicines, construction materials and gasoline increased by 11%, 8.14% and 7.99%, respectively. In December, inflation was 1.32%, slightly below the record 1.43% in November. The inflation outlook for 2025 remains uncertain, with growth expected to slow in the first half of the year.