Rosstat reported that annual inflation in Russia rose from 7.44% in January 2024 to 7.69% in February 2024, according to data released by Tass.
In February, food product prices climbed by 0.77% versus January, with the annual food price rise reaching 8.08%. Non-food items increased by 0.26% month over month and 6.59% from February 2023. Service prices advanced by 1.06% in January 2024 and 8.45% on an annual basis. These figures illustrate how different sectors contributed to overall inflation, with food showing notable monthly gains and services contributing a steady year over year rise.
In an analysis shared with socialbites.ca, Konstantin Tuzov of the Structural Research Laboratory at the Institute of Applied Economic Research of the Presidential Academy projected that Russia’s gross domestic product could grow by about 1.5% in 2024 relative to 2023. The projection accompanies Prime Minister Mikhail Mishustin’s statements about a continued growth trend for the year. The assessment reflects cautious optimism about the trajectory of Russia’s economy amid inflationary pressures and policy responses.
There has been ongoing discussion in the State Duma about moving toward a progressive taxation system. This potential policy shift is part of broader conversations on how fiscal reforms might influence growth, revenue, and distributional outcomes in the Russian economy.