Annual inflation in Russia stood at 11.9% in December after a sharp rise at the start of the Russian offensive into Ukraine, Economic Development Minister Maxim Rechetnikov said on Wednesday.
“At the end of the year (2022), inflation was below 12%, more precisely at the level of 11.9%”Rechetnikov said at a televised government meeting attended by Russian leader Vladimir Putin.
Prices have risen by about 12% since November, according to monthly data released by Rosstat.
In early December, Putin announced that he expected an inflation rate of “12.2%” by the end of the year.with a “2.9%” decline in gross domestic product (GDP), far from the most pessimistic forecast for the spring, following the first sanctions against Moscow following the offensive launched in late February in Ukraine.
In April last year, inflation peaked at 17.8%, the highest level since 2002.