Inflation may accelerate in Russia due to the recent strengthening of the US dollar and euro against the ruble. Such an opinion in an interview with the radio station “Moscow is speaking” expression Yevgeny Kogan, Professor of the Higher School of Economics.
“How will importers feel, and most importantly, how will inflation feel? We still have a large amount of imported goods, import prices will increase, price tags will definitely be reviewed in the store. We expect a new round of inflation,” he said.
Dollar and euro exchange rates against the ruble on April 7 reached new highs since April 6, 2022. The dollar exceeded the limit of 83 rubles, the euro – 91 rubles. Then the ruble partially regained losses. As of 14:19 Moscow time, the dollar was trading around 81.17 rubles and the euro was trading around 88.84 rubles.
On April 5 and 6, the national currency’s rate also weakened against the dollar and euro.
BCS Mir Investments stockbroker Mikhail Zeltser explained to socialbites.ca that the depreciation of the ruble was due to the significant decline in export flows, active import recovery and the budget deficit. The expert said that another factor in this trend is the jump in the money supply.
Earlier, Suprjob analysts stated that by May, citizens expect the dollar to rise to 83.6 rubles and the euro to 91.1 rubles.