MOSCOW, August 12. /TASS/. Inflation in Russia slowed to 8.8% by the end of July, compared to 10.3% in March, by the end of the year, price dynamics may reach 6-7%, which is below the forecast, Russian President Vladimir Putin said at a meeting on economic issues.
He also noted that an increase in hidden and official unemployment is being observed in the country, but it remains at an all-time low.
TASS has assembled the key statements by the head of state.
On inflation
The decline in inflation in Russia is an "important achievement", at the end of July it was 8.8%: "By the end of the year, consumer price dynamics may already be within 6-7%, which is below previous forecasts."
On national economy
Many experts "are talking about the emergence of risks of excessive cooling of the economy and even recession," but the Bank of Russia "is in control of the situation," Putin said.
In 2025, the government and the Central Bank were faced with the task of entering a trend of balanced economic development: "This implies a reduction in inflation while, of course, maintaining unemployment at a steadily low level".
On unemployment
There is an increase in hidden and official unemployment in the country, but it remains at an all-time low.
On the budget
The government has begun drafting the federal budget for 2026-2028.
"We are talking about the country’s main financial document, which is aimed at solving strategic tasks, including, naturally, improving the quality of life of people, developing the social sector," Putin said.
When preparing the budget, the government should take into account the situation on global markets, the President noted. He also described the situation with the budget in Russia as "stable".