Page 43 - RusRPTFeb23

4.2 Inflation
Inflation in Russia totalled 11.9% in 2022, which is below the projected level, Economic Development Minister Maxim Reshetnikov said at a government meeting headed by President Vladimir Putin in January.
"Inflation [in Russia] was below 12% by the end of the year, 11.9% to be precise," he said.
Annual inflation in Russia is expected below the targeted level of 4% in Q2 2023, Reshetnikov noted.
"We assume that annual inflation will go down considerably by the end of Q1 as the May peak of prices will go out of the base, and in Q2 we will see figures most likely even lower than the 4% target, at least for some time," he said.
Earlier reports said that the Economic Development Ministry expected inflation at 12% in 2022, and at 5.5% in 2023.
Last year, the price of food products in the world rose to record heights.
Average global food prices in 2022 were 14.3% higher than in 2021. The FAO food price index rose to its maximum since the beginning of the calculation in 1990 - 143.7 points, according to the UN Food and Agriculture organisation. At the same time, it is noted that the index has been declining for nine months in a row and fell by 1.9% to 132.4 points in December. It was 1% lower in December than in the same month of 2021. In December, the oil price index fell by 6.7% compared to November and reached the lowest level since
43 RUSSIA Country Report February 2023 www.intellinews.com