Inflation in Crimea, which was seized by Russia from Ukraine in March, reached 42.5 percent last year, according to data published by the Crimean State Statistics Service on Wednesday.
The total is almost four times higher than the rate at which consumer prices rose in Russia as a whole, where inflation spiked to 11.4 percent, its highest level since 2008.
The huge rise in inflation under Moscow rule compares to deflation of 0.5 percent in Crimea in 2013, according to the Crimean State Statistics Service.
Crimea has faced spiraling economic problems since it was taken over by Russian soldiers after the toppling of Ukrainian President Viktor Yanukovych. The annexation cut economic ties with Ukraine and ushered in energy supply, financial and transport problems for the Black Sea peninsula.
Food price rises in Crimea were particularly acute in 2014, rising 52.9 percent over the course of the year. Food prices rose 15.9 percent in Russia as a whole over the same period.
The cost of services in Crimea climbed 27 percent through 2014, according to official data.
Inflation in Russia is expected to peak at 15 to 17 percent in March or April, Deputy Economic Development Minister Alexei Vedev said Wednesday, state news agency RIA Novosti reported.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.