Russian govt expects inflation to be 6% or slightly higher in 2025 - Deputy PM Novak
MOSCOW. Dec 5 (Interfax) - Inflation is decelerating rapidly in Russia, and the government expects it to be 6% or slightly higher in 2025, Deputy Prime Minister Alexander Novak told reporters.
"Inflation is slowing rapidly. It was only 0.04% in the past week, significantly below the Central Bank's target for weekly inflation [seasonally adjusted and annualized]," Novak said.
"We expect inflation to be 6% or perhaps slightly higher by the end of the year. We will see what happens in December," Novak said.
"The measures taken by the Central Bank and the government overall are helping to reduce inflation, and the president spoke about this at the Russia Calling! forum," Novak said.
As reported, consumer prices in Russia grew 0.04% between November 25 and December 1, having increased 0.14% between November 18 and November 24. From the beginning of the year to December 1, they grew 5.27%.
Data for November and the beginning of December in 2024 and 2025 show that annual inflation slowed from 6.92% on November 24 to 6.61% on December 1, the Economy Development Ministry said, commenting on annual inflation.
In October, the Central Bank of Russia raised its 2025 inflation forecast from 6%-7% to 6.5%-7% and the 2026 forecast from 4% to 4%-5%, delaying the expected fulfilment of the inflation target until 2027.
In September, the Economy Development Ministry lowered its inflation forecast for Russia in 2025 to 6.8%, from the 7.6% which it predicted in April. For 2026, it kept the forecast at 4%.
Russian President Vladimir Putin said in a speech at VTB's Russia Calling! forum on Tuesday that inflation in Russia would be below forecasts in 2025, at around 6%. "The decrease in inflation has been an important achievement this year. In March, the inflation estimates were in double figures, it is now below 7% in annual terms. It is expected to be at around 6% by the end of December, which is below the forecasts by the government and the CBR," he said.
