Economic observers in Russia say inflation could accelerate as the US dollar and the euro gain against the ruble. In a recent interview on the radio program Moscow Speaks, Yevgeny Kogan from the Higher School of Economics outlined how import prices may rise and how retailers might adjust price tags across stores. He suggested that a fresh wave of inflation could be on the horizon as the currency market shifts.
The exchange rates on April 7 showed the dollar climbing past 83 rubles and the euro approaching 91 rubles, marking new highs not seen since April 6, 2022. Later in the day, the ruble recovered some of its losses. By 14:19 Moscow time, the dollar traded around 81.17 rubles and the euro around 88.84 rubles. These movements illustrate ongoing volatility in the currency markets and their potential impact on everyday prices for Russian consumers.
Investigators note that the ruble faced pressure on April 5 and 6 as the currency weakened against major currencies. Market analyst Mikhail Zeltser of BCS Mir Investments explained to socialbites.ca that the depreciation was driven by several factors. A notable drop in export flows reduced foreign currency inflows, while an uptick in import activity and a widened budget deficit added to demand for dollars and euros. He also highlighted an acceleration in money supply as a contributing factor to the currency’s weakness.
Experts at Suprjob previously forecast that after May, citizens could expect a higher dollar rate and a stronger euro, with expectations around 83.6 rubles for the US currency and 91.1 rubles for the euro. These projections reflect ongoing concerns about the relationship between global currency movements and domestic price levels, particularly in contexts where imports constitute a meaningful portion of consumer goods and raw materials.