Inflation in Russia has currently decreased to 3%, Russian Finance Minister Anton Siluanov said on April 24. (chart)
The country has been successful in coping with high inflation rates that occurred in February and March of 2022. The Central Bank of Russia (CBR) is due to meet at the end of this week and is widely expected to keep rates on hold at 7.5%.
Central Bank Governor Elvira Nabiullina stated that annual inflation went below 4% in March 2023, and it is anticipated to decrease even further in April. The regulator predicts that inflation will range from 5-7% in 2023, will return to 4% in 2024 and remain around that level in the future, in line with the Central Bank of Russia's (CBR) base-case scenario under current monetary policies.
The Economic Development Ministry has reported that annual inflation in Russia has reduced to 3.15% as of April 10, as opposed to 3.29% in the previous week.
These figures indicate that Russia has made significant progress in controlling inflation. This can be attributed to various factors, including the government's effective implementation of policies aimed at stabilising prices, the Central Bank's careful management of interest rates, and the country's stable economic growth.