Putin makes statement on inflation

Russian President Vladimir Putin said in a recent statement that it is important to focus on holding down prices. He also noted that the inflation is already turning around.

Photo: February 12, 2024. Russian President Vladimir Putin holds a meeting on economic issues via videoconference. Alexander Kazakov / POOL

The President added that as of January, the annual inflation rate went down to 7.2% as opposed to 7.4% at the end of 2023.

The Central Bank is expected to keep the key rate at 16% at the upcoming meeting on February 16. The key rate has been raised by 8.5% since July 2023 in response to price pressure and other issues.

Vladimir Putin also stated that the GDP growth exceeded forecasts last year, standing at 3.6% against the expectation of 3.5%. The President noted that this indicator is above the global average rate of economic growth, which is around 3%. The developed economies are actually showing only 1.5%. He emphasized that the Russian economy has been able to achieve this dynamic primarily relying on its internal capacity.

The President also stated that Russia’s industrial production increased by 3.5% in 2023. The growth was around 7.5% among processing industries. Two-digit increases were reported in such industries as computer manufacturing, aircraft manufacturing, shipbuilding, furniture production, electric equipment and vehicle manufacturing.

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