annual inflation in the Russian Federation at the end of January amounted to 7.2% – Kommersant

annual inflation in the Russian Federation at the end of January amounted to 7.2% – Kommersant


President Vladimir Putin held a meeting on economic issues. He said that as of the end of January, annual inflation in Russia had dropped to 7.2% from December’s 7.4%. The head of state instructed to pay attention to curbing inflation.

Mr. Putin claims that economic activity in Russia at the beginning of this year “is at a high level.” “Strong consumer demand remains, approximately the same as in the fourth quarter of last year. And it is very important that this has a positive effect on the mood and plans of domestic business,” the president said (quoted by Interfax).

According to him, it is important to “maintain a balance between the tasks of development, increasing investment and lending, maintaining employment and ensuring price stability.” Vladimir Putin believes that Russia needs a “proactive, stimulating policy” in the coming years. This will make it possible to “unlock the industrial, agricultural, transport, high-tech potential” of the country, as well as create and modernize production in all regions, he is convinced.

Mr. Putin also said that work on a plan of socio-economic actions for the next six years is being completed. The document being prepared will cover investment support, ensuring technological sovereignty, renovation and construction of infrastructure, and comprehensive development of human settlements, the president listed.

“At the same time, our main task, our absolute priority, is to increase the incomes and quality of life of citizens, the well-being of Russian families,” Mr. Putin assured.

The meeting was attended by Prime Minister Mikhail Mishustin, First Deputy Prime Minister Andrei Belousov, Deputy Prime Minister Dmitry Grigorenko, Presidential Aide Maxim Oreshkin, Finance Minister Anton Siluanov, and Central Bank Chairman Elvira Nabiullina.

In November 2023, Ms. Nabiullina stated that the regulator intends to reduce the key rate in 2024 as the inflation rate approaches 4%. In December, the Russian Ministry of Finance predicted that inflation in 2024 would be 4.5%. At the end of 2023, inflation was 7.59%. The Board of Directors of the Central Bank will meet after a two-month break this Friday, February 16.

On inflation expectations of the population – in the material “Kommersant” “We don’t expect much from inflation”.

Laura Keffer



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