Oreshkin allowed inflation in Russia to fall lower than in the EU

Inflation in Russia in the second quarter of 2023 may be lower than in the European Union, Russian presidential aide Maxim Oreshkin admitted.

“Now the situation may turn out that somewhere in the second quarter of next year, inflation in Russia will be significantly lower than in the same European Union,” Oreshkin said, speaking at the Territory of Meanings forum.

He noted that an important role in this issue is played by Russia’s self-sufficiency in basic resources – energy, food, materials.

In mid-July, in its summer economic forecast, the European Commission raised its estimate of inflation in the European Union in 2022 to 8.3% from 6.8% in the previous forecast. In 2023, inflation in the EU could reach 4.6%. Eurozone inflation will peak in the third quarter at 8.4%, according to European Commissioner for the Economy Paolo Gentiloni, after which it will steadily slow down due to declining pressure on energy prices.

As for Russia, according to the official forecast of the Central Bank, inflation in Russia by the end of 2022 will be 14-17%, according to the forecast of the Ministry of Economic Development – 17.5%. At the same time, the head of the Ministry of Economic Development, Maxim Reshetnikov, said in June that inflation would be less than the 17.5% previously expected by the ministry. At the same time, according to a survey of analysts conducted by the Central Bank, inflation in 2022 will be 15%, in 2023 – 6.1%.

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