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Inflation rates in Russia below target, says minister

On October 26, the Economic Development Ministry maintained its inflation outlook for 2022 at 12.4% considering the recent trends

Russian Minister of Economic Development Maxim Reshetnikov Yegor Aleyev/TASS

Russian Minister of Economic Development Maxim Reshetnikov

© Yegor Aleyev/TASS

MOSCOW, October 31. /TASS/. Inflation rates in Russia are currently below the target, Economic Development Minister Maksim Reshetnikov said in an interview with Vedomosti on the sidelines of the 15th Verona Eurasian Economic Forum.

The end of seasonal deflation is connected with depletion of seasonal factors in the first place, he noted.

On October 26, the Economic Development Ministry maintained its inflation outlook for 2022 at 12.4% considering the recent trends.

Reshetnikov said in the middle of October that the stage of structural economic transformation would be passed by 2024, with Russia starting to demonstrate stable economic growth as suggested in the country’s socio-economic development scenario that the budget for the next three years relies on. Inflation is projected at 12.4% by the end of 2022. It will slow down to 5.5% in 2023, after which it is expected to reach the targeted level of 4%.

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