Russian inflation strikes six-year high

Consumer price inflation in Russia, which has been accelerating for months, hit a six-year high in February, Russia's national statistics agency said Wednesday.

The 9.15 per cent annual inflation rate recorded last month by Rosstat was also the first time it has exceeded nine percent since January 2016.

Food prices were up nearly 11.5 per cent on an annual basis.

The inflation rate is more than double the four percent target of the Russian central bank and the data does not yet include the effect of Western sanctions imposed on Russia over Ukraine.

High inflation has already hit the purchasing power of Russians, who have little savings, and proved a headache for the authorities in recent months.