The Ministry of Economic Development in Russia has revised its inflation forecast for the calendar year 2023, increasing it from an initial 5.3% to a staggering 7.5%. This information was disclosed in the ministry’s 2024 forecast, as reported by the state-run Russian news agency, Tass.
Inflation is expected to decrease to 4.5% in 2024 and stabilize around 4% in either 2025 or 2026. The ministry’s spokesperson highlighted that currency fluctuations, which have surged by 40% since the beginning of the year, play a significant role in this scenario. These fluctuations will inevitably be reflected in the prices. However, the ministry remains optimistic, anticipating a stabilization in the situation, with next year’s inflation rate projected at 4.5%.
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Source: Dagens.com(CA)
