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6 Oct, 2022 13:07

Inflation rate falling in Russia – Putin

September’s rate is lower than in some European nations, the president said
Inflation rate falling in Russia – Putin

Inflation in Russia has been slowing and dropped to 13.5% last week, President Putin said on Thursday at a meeting on economic issues, referring to the year-on-year rate of the consumer price index.

Putin also spoke about inflation rates across Europe, which have been on the rise over the past few months.

“By the way, in the Eurozone it is 10%, in the Federal Republic [Germany] - 10.9%, in the Netherlands - 17.1%, in Latvia - 22.4%, in Lithuania - 22.5%, in Estonia - 24.2%, I think,” Putin said as quoted by RIA Novosti, referring to official figures for September. Prices are rising, continent-wide, due to surging energy costs, among other factors.

Inflation in Russia started to spike in late February against a backdrop of Western sanctions, peaking at 17.83% in April. However, as the economy started to recover, trade continued to flow and the national currency, the ruble, strengthened to multi-year highs against the major currencies, inflation in Russia began to slow and as of September 26 stood at 13.71%, according to official statistics.

The Central Bank said last month it expected to keep the rate of inflation between 11 and 13% by the end of the year.

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