Reshetnikov announced lower inflation in Russia compared to a number of Western countries

Russia found itself in a unique situation, when inflation in the country is already lower than in many Western countries, said the head of the Ministry of Economic Development Maxim Reshetnikov, answering to the question of RIA Novosti, how long the trend for the weakening of the ruble will be.

“Our forecast includes a very accurate nominal weakening of the ruble, but we must understand that we are now in an absolutely unique situation – when inflation in Russia is already lower than in many Western countries,” he said.

The minister noted that the current exchange rate of the ruble reflects the real situation of demand and supply of currency, the impact of the de-dollarization process and market expectations.

In the fourth quarter, the dollar exchange rate is expected to average at 64.4 rubles, for the whole of 2022 – 68.1 rubles, predicted formerly Minek. The ministry expects the weakening of the national currency to 68.3 rubles/$ in 2023. In subsequent years, the exchange rate will weaken to 70.9 rubles/$ in 2024, to 72.2 rubles/$ in 2025.

The Ministry of Economics earlier 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%. As of the end of November, annual inflation in 19 eurozone countries slowed down for the first time in a year and a half – up to 10% in November after a record 10.6% in October, Eurostat reported. The highest annual inflation rates were recorded in Latvia (21.7%), Estonia and Lithuania (21.4%) and Hungary (21.9%), the lowest – in Spain (6.6%), France (7.1%) and in Malta (7.2%).

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