Russian Finance Ministry expects low inflation in 1H 2023

Inflation in Russia in the first half of 2023 will be at a low level, Finance Minister Anton Siluanov told reporters on Tuesday.

"Inflation is declining. In the first half of next year, it will definitely be at a low level," Siluanov said.

Earlier, Russian President Vladimir Putin during a meeting of the Supreme Eurasian Economic Council said that inflation in Russia is expected to reach 12.2% in 2022. The Russian Ministry of Economic Development expects the figure to be around 12% in 2022 and that next year it will decrease to 5.5%.