Putin allowed the reduction of inflation in Russia to 5%

According to the results of the first quarter of this year, inflation in Russia may approach 5%, Russian President Vladimir Putin told the host of the Moscow. Kremlin. Putin” on the TV channel “Russia-1”.

According to him, the situation in the country’s economy is stable. “Moreover, it is even much better than what not only our opponents, but even we predicted. This can be seen in all macroeconomic indicators,” the President said.

Thus, the unemployment rate is at a historic low, while inflation turned out to be lower than expected and tends to decrease, Putin said.

“I believe that according to the results of the first quarter of this year, it can approach 5% from today’s 11.9%. And this is a very important indicator in order to ensure a decent standard of living for people and their real income,” the head of state said, adding that industrial production is on the rise, and a similar situation is developing in agriculture and construction.

“Therefore, in general, the situation we have is not just stable, but, I think, quite satisfactory. I will say so carefully – if not good, ”he said.

Inflation in Russia in 2022 amounted to 11.94%, follows from the data of Rosstat. Prices for services increased the most – by 13.19% in December 2022 compared to the same period in 2021. For non-food products, the increase in prices was 12.7%, for food – 10.29%.

From January 1 to January 9, 2023, inflation in Russia amounted to 0.24%. In annual terms, inflation slowed down up to 11.65%, follows from the data of the Ministry of Economic Development. As of December 26, 2022, it was 12.19%.

As the head of the Ministry of Economic Development Maxim Reshetnikov noted at a meeting between Putin and members of the government on January 11, the growth in prices below the forecast was achieved due to the stabilization of prices in the agricultural sector, a high harvest and the development of distribution channels. The Ministry of Economic Development expects that in the first quarter of 2023 inflation in the country will “substantially decrease year on year”, already in the second quarter the agency predicts inflation below the target level of 4%.