Siluanov said that the Ministry of Finance controls inflation
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The Ministry of Finance controls inflation, government borrowing in the market will not affect prices. This statement was made by Russian Finance Minister Anton Siluanov.
“We control inflation, and the fact that we are currently borrowing in the market does not affect the growth and dynamics of price changes. Therefore, we have everything under control, ”he emphasized (quote according to TASS).
According to the latest data from Rosstat, from November 15 to November 21, annual inflation in Russia continued to decline and amounted to 12.3% after 12.4% a week earlier. Weekly inflation accelerated to 0.11%, compared to 0.06% a week earlier.
The Ministry of Economics forecasts 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%. According to the results of 2022, the country’s economy will contract by 2.9%, the Ministry of Economics expects, and in 2023 – already by 0.8%. In subsequent years, GDP growth is expected to be 2.6% per year.
At the end of October, the Bank of Russia accepted decision to keep the key rate at 7.5%. The regulator noted that the growth rate of consumer prices remains low, which contributes to the slowdown in annual inflation. The Bank of Russia added that partial mobilization will be a deterrent to inflation in the coming months. The regulator also clarified inflation forecasts. The Central Bank expects that by the end of the year it will be no more than 12-134%, and in 2023 it will be at the level of 5-7%. By 2024, the regulator predicts a slowdown in inflation in the Russian Federation to 4%.
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