Russian President Vladimir Putin addressed concerns about inflation and economic overheating during his annual 'Direct Line' session. He stated that the government and central bank are working to mitigate these issues and ensure a 'soft landing' for the economy.
Russian President Vladimir Putin on Thursday said that inflation is a problem facing Russia, and that the country's economy is overheating. 'There are some issues here, namely inflation, a certain overheating of the economy, and the government and central bank are already tasked with bringing the tempo down,' Putin said in his annual 'Direct Line' Q&A session with Russian citizens on Thursday, in comments translated by Reuters.Russia's consumer price index hit 8.
9% in November year-on-year, up from 8.5% in October. The increase was driven principally by rising food prices,— following new U.S. sanctions in November — has also fueled inflation, driving up the cost of imports into Russia. A massive increase in military spending has meanwhile caused labor, supply and production shortages elsewhere, with workers demanding higher wages.'Just yesterday, when I was preparing for today's event, I spoke with the chairperson of the Central Bank, Elvira who told me that it was already somewhere around 9.3%. But wages have grown by 9% in real terms, I want to emphasize this — in real terms minus inflation — and the disposable income of the population has also grown,' he said.Russia's central bank is widely expected to hike its benchmark interest rate by 200 basis points to 23% — the highest level, up from the 20% seen during the invasion of Ukraine in 2022 — on Friday, amid stubbornly high inflation in the war-centered econom
INFLATION RUSSIA ECONOMY PUTIN INTEREST RATES
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