MOSCOW, January 11. /TASS/. Inflation in Russia totaled 11.9% last year, which is below the projected level, Economic Development Minister Maxim Reshetnikov said at a government meeting headed by President Vladimir Putin on Wednesday.

"Inflation [in Russia] was below 12% by the end of the year, 11.9% to be precise," he said.

Annual inflation in Russia is expected below the targeted level of 4% in Q2 2023, Reshetnikov noted.

"We assume that annual inflation will go down considerably by the end of Q1 as the May peak of prices will go out of the base, and in Q2 we will see figures most likely even lower than the 4% target, at least for some time," he said.

Earlier reports said that the Economic Development Ministry expected inflation at 12% in 2022, and at 5.5% in 2023.