Russia's Inflation Rate Predicted to Decrease to 5% in Q1 2023, Putin says

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Russian President Vladimir Putin has stated that inflation in the country may decrease from 11.9% to about 5% in the first quarter of 2023.

According to the Rosstat federal statistics agency, consumer prices in Russia rose by 0.24% in the first nine days of January, but at a slower pace than the same period last year.

The country's annual rate of inflation was 11.9% in 2022, said Economy Minister Maxim Reshetnikov.

He expects inflation to fall below the central bank's 4% target by the second quarter of this year, but that is likely to be temporary due to the high base effect of the second quarter of 2022.

The central bank expects inflation to not return to a stable level of 4% until 2024.

Prices for fruit and vegetables rose by 6.5% between Jan 1 and Jan 9 during Russia's extended New Year holidays.
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