Putin: Inflation situation in Russia managed to be brought under control
MOSCOW, June 7 – RIA Novosti. Russian President Vladimir Putin, speaking at a meeting on economic issues, said that the inflation situation in Russia has been brought under control and its growth has stopped.
“While it was 17.4 percent annually as of May 27, the price increase has completely stopped since the second half of May. Now inflation is at zero,” the head of state said.
He also emphasized that there are pros and cons in this situation. “Therefore, it is necessary to analyze the situation in the most careful way and make timely decisions,” said the President.
In addition, Putin urged to support the dynamics of consumer demand and ensure the growth of citizens’ incomes.
As of May 27, annual inflation in Russia slowed to 17.35 percent from 17.51 percent a week ago, according to the Ministry of Economic Development. At the same time, for the period from May 21 to May 27, Rosstat noted no growth in this indicator after deflation of 0.02 percent the previous week.
Western countries adopted several packages of restrictions against Russia after the launch of a special operation to de-Nazis and demilitarize Ukraine. Most of these were related to the banking sector and the supply of high-tech products. In addition, some brands announced that they were terminated in the country.
Moscow, stating that it is ready for such a scenario, described such steps as an economic war. The Central Bank is taking measures to stabilize the situation in the foreign exchange market, thanks to the significant strengthening of the ruble against the dollar and euro and breaking five-year highs. Russia also transferred gas supply payments to enemy countries into rubles. Another step to combat the impact of Western sanctions was the government’s plan, which included nearly a hundred initiatives. The amount of its financing will be about one trillion rubles.
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