Moscow: Russian President Vladimir Putin stated on Tuesday that inflation in Russia is showing signs of decline, noting that the inflation rate could range between 6 and 7 percent by the end of this year. During the opening of a meeting on economic issues, Putin said, "Today, I propose we discuss the overall state of the domestic economy and its main trends. Naturally, we will also review in detail how this year's federal budget is being implemented."
According to Yemen News Agency, Putin emphasized the significance of reducing inflation, highlighting estimates from the Russian Central Bank. These estimates suggest that consumer price dynamics may fall within the range of 6-7%, which is lower than previous forecasts. Regarding the federal budget, he mentioned that the situation remains stable.
The Russian president confirmed that the annual inflation rate in Russia slowed to 8.8% by the end of July. He elaborated that inflation was at 10.3% annually by the end of March, decreased to 9.4% by the end of June, and further declined to 8.8% by the end of July.
Putin also discussed the government's preparation of the federal budget for the next three years, from 2026 to 2028. This budget aims to address strategic tasks, including improving the quality of life for citizens, developing the social sector and infrastructure, and strengthening the state's defense capabilities.
He noted that the government and the Russian Central Bank have been tasked this year with returning the Russian economy to a balanced growth path, focusing on reducing inflation while maintaining low unemployment rates.