Inflation tops 10%

Russian inflation reaches more than 10% for the first time in more than five years due to sanctions and the rouble collapse, which is the biggest since 1998. Сonsumer prices increased 10.4 percent this year through Dec. 22, the Federal Statistics Service in Moscow said. Prices grew 0.9 percent in the week through that date, the most since April 2008, when the service started to provide weekly data. ING Groep economist:

Companies are saying ‘everybody is raising prices and so will I, especially when people start panic-buying not only electronics and cars but also everyday goods’

A Bank of Russia base case forecast predicts inflation to reach 11.5% next quarter, before then decelerating.