Putin sets government task of reducing inflation in 2025

The pace of economic growth in the Russian Federation turned out to be not only higher than its own forecasts, but also higher than the global ones, the president said. They are higher than similar indicators in the so-called developed economies, he specified.

"I think that the result that you just mentioned is, of course, first and foremost the result of the work of labor collectives, the business community and, of course, the government, financial authorities in the broad sense of the word," the president assessed.

He noted that inflation at the end of last year was 9.5 percent. At the same time, as of February 3, this figure was already 9.9 percent (also calculated on a yearly basis). "This is a challenge for us," the head of state said.

In his report at the meeting, Mishustin said that the annual inflation rate has been falling for the sixth month in a row. At the same time, he also spoke of it as a challenge. "It is absolutely obvious that the main challenge is inflation, it amounted to 9.52% for the year, it is growing a little. But the combined measures taken today in monetary policy have already begun to slow down lending to the economy," the head of the Cabinet noted.

As for the rate of economic growth, the preliminary estimate of Russian GDP growth in 2024, according to Rosstat, is 4.1%, the Prime Minister said. "That is, 0.2 percentage points more than what was in the official forecast. This is higher than expected," he told Putin. "In December, moreover, we now reached indicators of 4.5% growth."

According to Mishustin, the nominal volume of Russia's GDP by the end of 2024 reached a historical maximum and amounted to 200 trillion rubles.