Minister of Economy:Inflation in Russia expected within 12 to 12.4% in 2022

MOSCOW-Inflation in Russia in 2022 may be within 12-12.4%, which is lower than the forecast by the Russian Economic Development Ministry of 12.4%, Economic Development Minister Maxim Reshetnikov said on Tuesday.

Photo by @KremlinRussia_E

"We have an expected estimate of inflation at the end of the year, namely 12.4%, which is included in the forecast. At the same time, data on the current figures, weekly inflation, October inflation, will be published soon. Most likely, it (the 2022 inflation) will even be slightly less, that is, definitely not higher than 12.4%. Most likely, the range will be at the level of 12-12.4%," Reshetnikov said at a meeting with Russian President Vladimir Putin.

Since June 1, pensions and social benefits have been increased by 10%, according to indexation rules, the minister noted.

"In next year's budget, we have provided for additional indexation, by another 4.8%, that is, we are talking about the fact... that the indexation will exceed the inflation rate that we have," Reshetnikov added.

In 2022, inflation in Russia is expected to be 12.4%, and in the following year it will slow down to 5.5%, while in 2024-2025 it will return to its target of 4%, according to the socio-economic development forecast. (Agencies)

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