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Russia’s inflation approaching target level — PM Mishustin

Annual inflation in Russia is expected to be 5-7% in 2023 under the baseline scenario, taking into consideration current monetary policy

Russian Prime Minister Mikhail Mishustin Anton Novoderezhkin/TASS

Russian Prime Minister Mikhail Mishustin

© Anton Novoderezhkin/TASS

MOSCOW, March 23. /TASS/. The set of measures implemented by the Russian government and the Bank of Russia helped the country deal with inflation, which is now nearing the target level, Russian Prime Minister Mikhail Mishustin said on Thursday as he presented the government's annual report to the State Duma.

"A set of measures implemented by the government and the Bank of Russia enabled the country to deal with inflation. Now we're seeing it get close to the target level," he said.

Earlier, Russian President Vladimir Putin stated that the country's inflation rate in March could be less than 4% per year, and that this figure would be the target. According to the president, the eurozone countries are attempting to persuade everyone that the Russian economy is about to collapse, but their inflation is higher than Russia's.

Annual inflation in Russia is expected to be 5-7% in 2023 under the baseline scenario, taking into consideration current monetary policy. According to the Bank of Russia, the indicator will return to 4% in 2024 and will remain near to this level in the future.

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