Russia's inflation will be 12-12.4% by year-end

Inflation in Russia will not be above 12-12.4% by the year-end, Minister of Economic Development Maxim Reshetnikov said on Tuesday at the meeting held by President Vladimir Putin.

"It will be definitely not above 12.4%. The range will most probably be 12-12.4%," Reshetnikov said.

Salaries and wages are expected to grow as of the end of this year in Russia, Labor Minister Anton Kotyakov noted at the meeting.

"A rise in salaries is expected as of the year-end according to economy’s figures, and we plan that salaries will grow above target inflation in 2023 on the basis of the socioeconomic forecast," Kotyakov added.