Belousov predicted inflation in Russia below the forecast in 2023

Inflation in Russia in 2023 is likely to be below the forecast of 4-5%, Deputy Prime Minister Andrey Belousov said.

“Next year, most likely, our forecast is somewhere around 5-6%, 5.5%. I think it will most likely be lower. The Bank of Russia is monitoring this situation,” Belousov said (quote according to TASS).

According to him, there are signs of non-fulfillment of indicators for economic growth while maintaining a deflationary situation. The Central Bank will go further to soften the policy, the Deputy Prime Minister added.

Finance Minister Anton Siluanov earlier today notedthat in the first half of next year, inflation in Russia will be at a low level. “Inflation is down. In the first half of next year, it will definitely be at a low level,” he explained.

Chairman of the Bank of Russia Elvira Nabiullina statedthat annual inflation in Russia will continue to slow down in the coming months. So, in the spring, annual inflation may even drop below 4%, but this will practically not characterize the price dynamics here and now, she noted.

The Ministry of Economics predicted inflation by the end of the year at 12.4%. A year earlier, this figure was 8.4%. It is assumed that in 2023 consumer price growth will be at the level of 5.5%, and in the future it will reach the target level of 4%.