New Delhi: Inflation in Russia is expected to be at the level of 15 percent or lower as of 2022 year-end, First Deputy Prime Minister Andrey Belousov said in an interview with the media.
“Inflation in 2022 will most likely be about 15 percent December-to-December, probably a bit lower. We see deflation now, while the inflation spike was in March-April. It totaled 20 percent, and for certain positions – 30 percent; that is why there will be such annual figures,” Belousov said.
Deflation in Russia highlights low demand, and this problem should be tackled “in the here and now,” the official said.
“Deflation is known to be observed for as long as several weeks and this is a sign of demand shortage. Low demand is one of the main problems to be solved, so to say, in the here and now. We believe it may well be possible to achieve the target set about 4 percent as regards the inflation level in 2024,” he added.
However, trouble for Russia to do business and trade has extremely increased as the US, Japan, and several western countries have imposed sanctions. On the other side, according to media reports, the Moscow government has earned around US$ 98 bn in the last 100 days by exporting fuel only.
(Vinayak)