Monday, Russia's Federal Statistics Service announced that the consumer price index or CPI rose 14% year-over-year in March, compared with a 13.9% increase in the previous month. A year ago, the CPI was up 13.3%.

Food prices rose 15.8% annually in March, while non-food prices increased 9.9%. At the same time, services charges grew 17%.

On a monthly basis, the CPI increased 1.3% in March, slower than the 1.7% in February.

Meanwhile, the core consumer price index, excluding changes in prices of selected goods was up 1.4% in March compared to the previous month.

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