Page 31 - RusRPTFeb22

for consumers over the year. This is because the government temporarily imposed ceiling prices on sugar and sunflower oil to curb increases for these products. According to RBC, prices for certain goods and services are expected to increase in 2022, including public transport, alcohol, cigarettes, and train tickets.
Governor of the Central Bank of Russia (CBR), Elvira Nabiullina, said inflation would have been 4% higher in 2021 if the CBR had not raised the key rate seven times during the year. Most recently, the CBR raised the key rate by 100bps to 8.5% on December 17. Despite high values in 2021, the CBR expects inflation to reach the 4-4.5% target by the end of 2022. Finance Minister Anton Siluanov said the peak of inflation in Russia has passed because now Russians will need less critical support compared to earlier in the pandemic. Presidential Press Secretary Dmitry Peskov said the current rate of inflation is “unacceptable” and “vigorous measures” are being taken to return it to target levels.
31 RUSSIA Country Report February 2022 www.intellinews.com