According to the Russian central bank, inflation in Russia was 8.6 percent in June 2024. This can be compared with inflation in Sweden, which according to the CPIF measure was 1.3 percent in the same month.
Although official Russian inflation is higher than in most European countries, it may be that it is actually even higher in reality.
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– Inflation is also part of the propaganda narrative. My economic guess is that it is significantly higher than the official statistics show. Otherwise, you wouldn’t have a policy interest rate of 16 percent, says Torbjörn Becker, head of the Eastern Economic Institute (SITE) at the Stockholm School of Economics.
European ministers: Putin is lying
On Wednesday, one was published debate article in the British magazine The Guardian signed by eight European finance ministers, including Elisabeth Svantesson (M).
There they wrote, among other things, that Russian President Vladimir Putin is lying when he says that Russia’s military apparatus is not affected by the sanctions that have been imposed on the country.
The expert: “May experience a major crisis”
On the contrary, they argue that things will be worse for the Russian economy. They believe that there could be even higher inflation and that there could be increased pressure on Russian households.
They also underline that even more sanctions can be introduced to further counter the Russian war apparatus.
– It will slowly but surely become worse and more expensive for the Russian population to live the life they got used to. You have to think of it as a small punk that can run into a bigger crisis down the road, says Torbjörn Becker.
Watch the clip: Is Russia facing an economic crisis?