4/9/15: Russian Inflation: Forget CPI, Look at Bribes Pricing

admin Blogosphere, Corruption, Market Commentary

On a ‘light’ Friday night note, a cheering report of inflation found somewhere (not in the ECB land, alas). Per Interfax report (link here) average bribe extended in Russia rose almost 3-fold to over RUB600,000 in Ruble terms. Between September 1, 2014 and August 31, 2015, according to the independent report prepared by anti-corruption organisation “Clean Hands”, rose to RUB613,700 or USD9,440. A year ago, average bribe extended in Russia stood at RUB218,400 or USD5,600.
That’s USD inflation of 40.7% y/y or more than 2.5 times the rate of CPI in Russia.

This post was published at True Economics on September 4, 2015.

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