MOSCOW, September 17. /TASS/. Russia's annual inflation is steadily decelerating, hitting 6.2% as of September 14, which marks a significant drop compared to last year's figures, President Vladimir Putin said at a cabinet meeting on economic issues Thursday.
TASS has compiled the President’s key statements.
On inflation
"As of September 14, inflation stood at 6.2%, which is noticeably lower than last year's level."
"Let me also recall that at the end of the first quarter of 2025, inflation was still in the double digits at 10.3%."
"Inflation is generally under control. It has been gradually declining since the second quarter of last year."
Joint efforts by the Central Bank and the Russian government to lower inflation are paying off.
"In other words, the efforts being made by both the Central Bank and the government of the Russian Federation in this area are clearly yielding results."
On GDP
Russia's GDP is expanding in line with expectations factored into the country's budget projections.
"Economic dynamics in Russia are generally meeting our expectations.Estimates indicate that for the full year, gross domestic product growth will hover around 1%--roughly the forecast that was used when drawing up the budget projections for the current year."
On budget revenues
Russia's federal budget recorded a surplus of 606 billion rubles (around $7.17 billion) in August.
"As for public finances, the federal budget ran a surplus in August, amounting to 606 billion rubles."
Russia expects budget revenues from oil and gas to increase in the coming months, clearing the way for the replenishment of the National Wealth Fund.
"We expect budget revenues from oil and gas to increase in the coming months as well."
Russia is targeting a steady expansion of its National Wealth Fund.
"The National Wealth Fund will grow."
Russia’s federal budget deficit is projected to hit approximately 2%.
"According to preliminary estimates, the federal budget deficit is expected to be around 2%. And this is based on a very conservative estimate of oil price."
On federal budget planning
Russia is basing its upcoming federal budget calculations on an oil price of $50 per barrel.
"As agreed, we are forecasting it at around 50 dollars per barrel. This may look perhaps even ultra-conservative, but it is reliable."
Fulfilling social obligations, ensuring citizen safety, and strengthening national defense capabilities must remain the absolute priorities for Russia's 2027 federal budget.
"An absolute priority for the federal budget must be the fulfillment of the state's social obligations, ensuring the safety of citizens, and strengthening Russia's defense capabilities."
On labor market situation
Labor market stability and rising household incomes are fueling consumer demand across Russia.
"The stable situation in the labor market and the growth of household incomes are reflected in consumer demand. Retail sales rose by 5.4% in the first seven months of this year."
"Wages are rising. In the first half of the year, there was a 6.5% increase in real terms."
Russian companies and enterprises are operating steadily.
"Domestic companies and enterprises are operating steadily. This is also evident from the situation in the labor market."
Unemployment rate is hovering near a historic low.
"Unemployment is near historic lows at 2.3%," the head of state noted.