Russia: Inflation rate from 1994 to 2024
(compared to the previous year)
Inflation rate in Russia 2024
The statistic shows the inflation rate in Russia from 1994 to 2018, with projections up until 2024. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2018, the average inflation rate in Russia was at about 2.88 percent compared to the previous year.

Russia's economic uplift

Based on economic power and economic standards, Russia is recognized as one of the biggest economic powers in the world. With a population of around 143 million people and a re-awakened population growth since 2010, Russia has tried to establish itself as one the world’s largest economies and wealthiest nations and succeeded, being the sixth largest economy in the world today. The gross domestic product (GDP) increase in Russia from 2009 to 2014 is also a good indicator of Russia’s economic growth and strength. After the 1998 Russian financial crisis, several reforms were introduced to the Russian economy which allowed it to recover. Not only did the Russian economy experience a great boost but the quality of life in Russia as well as the people’s satisfaction with the direction of the country has also improved.

In comparison to the previous year - with the exception of 2009 -, the Russian real gross domestic product growth rate has increased over the past decade. The trade balance of goods has been experiencing a rapid increase since the beginning of the millennium, with the exceptions of 2007 and 2009 due to the global economic crisis. This allowed Russia to export more goods than it imported. This high trade balance of goods resulted in a low inflation rate in 2012, the lowest recorded inflation rate since 2004.
Russia: Inflation rate from 1994 to 2024
(compared to the previous year)
Inflation rate compared to previous year
2024*4%
2023*4%
2022*4%
2021*3.9%
2020*3.52%
2019*4.68%
20182.88%
20173.68%
20167.04%
201515.53%
20147.82%
20136.76%
2012 5.07%
2011 8.44%
2010 6.85%
2009 11.65%
2008 14.11%
2007 9.01%
2006 9.68%
2005 12.68%
2004 10.89%
200313.67%
2002 15.78%
2001 21.46%
2000 20.78%
1999 85.74%
1998 27.68%
1997 14.77%
1996 47.74%
1995 197.47%
1994 307.63%
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Source

Release date

October 2019

Region

Russia

Survey time period

1994 to 2018

Supplementary notes

* Estimate.

Values have been rounded to provide a better understanding of the statistic.

Inflation rate in Russia 2024
The statistic shows the inflation rate in Russia from 1994 to 2018, with projections up until 2024. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2018, the average inflation rate in Russia was at about 2.88 percent compared to the previous year.

Russia's economic uplift

Based on economic power and economic standards, Russia is recognized as one of the biggest economic powers in the world. With a population of around 143 million people and a re-awakened population growth since 2010, Russia has tried to establish itself as one the world’s largest economies and wealthiest nations and succeeded, being the sixth largest economy in the world today. The gross domestic product (GDP) increase in Russia from 2009 to 2014 is also a good indicator of Russia’s economic growth and strength. After the 1998 Russian financial crisis, several reforms were introduced to the Russian economy which allowed it to recover. Not only did the Russian economy experience a great boost but the quality of life in Russia as well as the people’s satisfaction with the direction of the country has also improved.

In comparison to the previous year - with the exception of 2009 -, the Russian real gross domestic product growth rate has increased over the past decade. The trade balance of goods has been experiencing a rapid increase since the beginning of the millennium, with the exceptions of 2007 and 2009 due to the global economic crisis. This allowed Russia to export more goods than it imported. This high trade balance of goods resulted in a low inflation rate in 2012, the lowest recorded inflation rate since 2004.
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