Russia’s inflation will reduce to annual 4-6% within the next few years

Saturday, June 25, 2022

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Russia’s inflation will reduce to annual 4-6% within the next few years, President Vladimir Putin said at a Friday meeting with Russian and foreign bankers who took part in the Rosneft IPO. A lower inflation is a priority of the Russian government, Putin said. “I hope that the inflation will reduce to annual 4-6% within several years,” he said, referring to a conference with government members, Central Bank representatives and economic experts held earlier in the day. He said they confirmed “all basic macro-economic targets at the meeting.” “True, the national currency is strengthening and the labor productivity growth is not as large as we would like it to be, about 6% at present, but still the government and the Central Bank are following the trend of better macro-economic indices and smaller inflation,” he said. Putin admitted that the inflation is still high. “We had the inflation of over 10% last year, and will have 8% or slightly more than 9% inflation this year. Anyway, it will be smaller than 10%,” he said. Investments in fixed assets are slightly higher this year, they have grown by 11%, he said.

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