ST. PETERSBURG, January 18. /TASS/. Inflation in Russia in the Q1 of 2023 may reach 5-7% and there is a trend for further decline, Russian President Vladimir Putin said on Wednesday.
"We think that in the first quarter [the inflation rate] will be around 5% and then there is a further downward trend," he said. Putin noted that last year inflation was below 12%. "The Bank of Russia proceeds from the fact that the figure will be around 5-7%," the president added.
Putin highlighted that, at the same time, "increasing the minimum wage and other elements that affect the level of real wages should surpass inflation."
The president was asked if it is possible to establish wage adjustment at the country's official inflation rate at the legislative level. The president called the subject of citizen welfare "one of the most pressing." He recalled that a lot was done to remedy it as part of the "May decrees" implementation. "But a lot, sadly, has not yet been brought to the desired level. However, we will undoubtedly continue to work in this direction," Putin said, adding, "The government has already received instructions to carry out adjustment in the public sector in January."