Putin said that by the end of the year inflation in Russia could reach about 12%

Inflation in Russia, unlike in Western countries, is declining – by the end of the year, its level may be about 12%, Russian President Vladimir Putin said, speaking at the Eastern Economic Forum (WEF).

“The short-sighted actions of the Western authorities have also spurred global inflation, it has already updated long-term records in developed economies. As a result of July, inflation in the US amounted to 8.5%. We have it now somewhere around 14% with a little. I’ll talk about this later, but the trend, unlike Western economies, is on the decline. They are on the rise, here we are on the decline. I think that by the end of the year we will have somewhere around 12%,” the president said.

In July, the Bank of Russia also gave optimistic inflation forecasts. According to the regulator, this year it will be 12-15%, and next year it will drop to 5-7% in 2023. Inflation will return to 4% in 2024. -17% in 2022. At the end of August, the Ministry of Economic Development published data, according to which, over the week from August 23 to 29, annual inflation in Russia slowed to 14.31%.

In the EU, inflation has broken records this year. In particular, by the end of August, inflation in the entire euro area reached its highest since the existence of the single continental currency since 1999. Consumer prices in the euro area rose by 9.1% yoy, Eurostat reported. Consumer prices rose most of all due to higher prices for energy products, which grew by 38.3% yoy in August.

At the same time, the highest inflation was recorded in the Baltic countries. In particular, inflation increased by 25.2% in annual terms in Estonia, by 21.1% in Lithuania and by 20.8% in Latvia. In Germany and France, which are the key economies of the European Union, inflation in August amounted to 8.8% and 6.5%, respectively.

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