The Ministry of Economic Development expects a slowdown in inflation in Russia by the end of the year

The seller puts the goods in the store “Remi” in Vladivostok. Archive photo

Inflation in Russia at the end of this year will be 12.4% in 2023, it will slow down to 5.5%, and in subsequent years will be 4%, said the head of Ministry of economic development Maxim Reshetnikov.

“Inflation will slow: after a peak of 17.8% in April to the end of the year, we expect the decline to 12.4 per cent,” said he, speaking in the Federation Council.

According to the Minister, in the following year, the inflation rate will be 5.5%, and in 2024-2025 years will be at the target level of 4%.