RIYADH: Consumer prices in Russia jumped 7.61% in March, their biggest month-on-month increase since January 1999, data showed on Friday, as the economy was hit by sanctions and a record drop in the rouble.

Inflation in Russia has accelerated sharply in recent weeks, with the ruble hitting an all-time low last month after Russia launched what it calls a “special military operation” in Ukraine on Feb. 24.

The slump in the rouble, which rallied sharply this week to 2022 highs, has boosted demand for a wide range of goods, from basic foodstuffs to cars, expecting an even higher rise. important in prices.

Germany’s growth will fall

Germany’s economic growth could fall to 1.4%-1.5% this year, from 2.7% in 2021, with an average of around 590,000 people on short-time work during the year, a said Labor Minister Hubertus Heil in an interview. with Bild am Sonntag.

“We’re still going to grow,” Heil said. “But all this on the condition that the war does not spread further and that the energy supply remains in place,” he added.

The government would provide additional help and support for layoffs where possible to save jobs if the situation worsens, Heil said.

Germany plans to offer more than 100 billion euros ($108.8 billion) in aid to businesses affected by fallout from the war in Ukraine, according to a document seen by Reuters on Friday.

Estimate of inflation in Argentina

Argentina’s inflation in 2022 is expected to reach 59.2%, analysts consulted by the country’s central bank said on Friday, largely due to the impact of the war in Ukraine on prices.

The projection is 4.2 percentage points higher than the previous poll released a month ago.

The survey, which consulted 41 participants between March 29 and March 31, also estimated March inflation at 5.5% and growth of 3.2% for the year.

Economists surveyed expect the average nominal exchange rate in Argentina to be 154 pesos to the dollar by December and to reach 222 pesos to the dollar by the end of 2023.

Inflation rises in Chile

Chile’s consumer prices climbed 1.9% in March, the biggest monthly rise in nearly three decades, underscoring the challenge for authorities as they battle runaway inflation exacerbated by rising prices world raw materials.

The country’s official statistics agency said on Friday that the rise was driven by prices of food, soft drinks and education.

The monthly figure was well above the 1.05% rise expected in a Reuters poll of economists and is the highest monthly inflation rate since 1993. The rolling 12-month rate rose further to around 9 .4%, the highest since 2008.