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Putin requests focusing on curbing of inflation in Russia, says its decline outlined

Amid the Central Bank’s key rate hike lending has slowed down slightly in Russia, the president noted

MOSCOW, February 12. /TASS/. Annual inflation in Russia totaled 7.2% as of the end of January, President Vladimir Putin said at a meeting devoted to economic issues. He also noted a trend to its decline, tasking the economic block with giving special consideration to it.

"It is necessary to give special consideration to inflation, fighting against it. As of the end of January it totaled 7.2% in annual terms, though of course, we know that consumer prices rose by 7.4% by the end of last year, meaning a decline in inflation is outlined," he said.

Putin also noted "the actions by the government and the Bank of Russia" in fighting against an increase in prices.

The Bank of Russia estimated 2023 inflation at 7.42% in January. The regulator intends to keep sticking to tight monetary policy and expects inflation to decrease to the planned level of 4-4.5% in 2024.

Amid the Central Bank’s key rate hike lending has slowed down slightly in Russia, the president added.

"Amid the Central Bank’s key rate hike lending has also slowed down, which was a predicted event, of course. In particular, the loan portfolio of legal entities fell by 0.2% in January, while [the portfolio of - TASS] individuals, on the contrary, rose slightly, by the same 0.2%," Putin said.

The meeting was attended by Prime Minister Mikhail Mishustin, First Deputy Prime Minister Andrey Belousov, Deputy Prime Minister, Chief of the Government Staff Dmitry Grigorenko, Presidential Aide Maxim Oreshkin, Finance Minister Anton Siluanov, Central Bank Governor Elvira Nabiullina.

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