Annual inflation in Russia 7.2% at end-Jan, has started to slow - Putin

MOSCOW. Feb 12 (Interfax) - Annual inflation in Russia slowed to 7.2% at the end of January from 7.4% at the end of December 2023, President Vladimir Putin said at a meeting on economic issues.

"Special attention does of course need to be paid to inflation and reining this in. It was 7.2% the end of January in annual terms. We do of course know that consumer prices grew 7.4% last year, that is, inflation has started to slow. Here I'll mention joint action taken by the government and the Bank of Russia," he said.

The president also said that "according to current data, economic activity in Russia has been high at the beginning of this year."

"The situation is unfolding as the government and expert community expected. Consumer demand remains strong, roughly level with the fourth quarter of last year. And crucially, this is having a positive effect on the sentiment and plans of our businesses," he said.

The president said it was "extremely important to maintain a balance between the tasks of development, increasing investment and lending, preserving jobs and ensuring price stability."

"I will also say that in the coming years, given the challenges facing the Russian and the entire global economy, we need a proactive, stimulative policy that will allow us to tap Russia's industrial, agricultural, transport and high-tech potential on a new level and create and modernize production with state-of-the-art, well-paid jobs in all constituent members of the Federation," Putin said.