Russian President Vladimir Putin addresses inflation and economic overheating during his annual 'Direct Line' session.
Russian President Vladimir Putin stated on Thursday that inflation is a concern for Russia and that the nation's economy is overheating. During his annual 'Direct Line' Q&A session with Russian citizens, Putin acknowledged, 'Of course, inflation is such an alarming signal.' He emphasized that the government and the Russian central bank are tasked with achieving a 'soft landing' for the economy, which he maintains is performing well overall and projected to grow by 3.9-4% this year.
Russia's consumer price index reached 8.9% in November year-on-year, an increase from 8.5% in October. Rising food prices, partly attributed to new U.S. sanctions in November, have contributed to inflation, driving up the cost of imports into Russia. Additionally, a significant surge in military spending has caused labor, supply, and production shortages elsewhere, further pushing up prices and prompting workers to demand higher wages. Putin noted that the central bank's chair, Elvira, informed him that inflation had already reached approximately 9.3%. He stressed that wages have grown by 9% in real terms (minus inflation), and the disposable income of the population has also increased. The Russian central bank is widely anticipated to raise its benchmark interest rate by 200 basis points to 23% on Friday, the highest level since the 2022 invasion of Ukraine, in an effort to combat persistent inflation in the war-affected economy
INFLATION ECONOMY RUSSIA PUTIN CENTRAL BANK
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