Siluanov: inflation in Russia by the end of 2022 will be about 12%.

By the end of 2022, inflation in Russia will be approximately 12%, Finance Minister Anton Siluanov said.

“We coped with inflation, and this year inflation will be about 12%. Although the expectations were initially much higher, ” Siluanov said in an interview with the Rossiya 24 TV channel (quote by Prime).

Minister declaredthat the fall in the country’s GDP for the current year will be about 2.7%. He admitted that the figure will continue to decline next year. According to Siluanov, the authorities “will do everything” to reach a positive trend already in 2023.

At a meeting of the Supreme Eurasian Economic Council (SEEC) in Bishkek on December 9, President Vladimir Putin declaredthat in Russia there is a noticeable trend towards a decrease in inflation. The president saidthat inflation by the end of 2022 may reach 12.2%, and by the results of the first quarter of 2023 this figure may drop to 5% or lower.

Chairman of the Bank of Russia Elvira Nabiullina statedthat annual inflation in Russia will continue to slow down in the coming months. The Central Bank Chairman stressed that the annual inflation rate, if it is very volatile, says little about price pressure, as it is overloaded with past shocks. 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.

Minek predicted inflation by the end of the year at the level of 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%.

At the end of this year, the Ministry of Economic Development expects decline in GDP by 2.9%, and in 2023 – by 0.8%. At the same time, in 2024-2025. the ministry predicts GDP growth of 2.6% per year. Nabiullina, in turn, in mid-December informedthat the decline in Russia’s GDP at the end of the current year is expected to be about 3%, while it may turn out to be less under favorable conditions. December 15 Putin declaredthat the decline in GDP at the end of the year is expected to be approximately 2.5%.