Inflation in Russia in 2023 likely to be lower than forecast

Inflation in Russia in 2023 is likely to be below the forecast of 5%, First Deputy Prime Minister Andrey Belousov said on Tuesday.

"Our forecast for next year is somewhere around 5-6%, 5.5%. I think that, most likely, it will be lower. The Bank of Russia is monitoring this situation. I think, there are signs of non-fulfillment of economic growth indicators while maintaining the deflationary situation. [The Bank of Russia] could further soften the policy," he said.

The official forecast of the Ministry of Economic Development assumes that inflation in Russia in 2023 will be 5.5%.