“According to the results of this year, inflation will still be slightly more than 12% ... I think that in 2023 inflation will slow down to 5-7%.
However, much will depend on external conditions,” he said.
Aksakov linked inflation in Russia with a serious surge in prices after the start of the special operation - then the Central Bank was forced to raise the key rate to 20% per annum.
“As a result, as the situation normalized, parallel imports were established, relations with Asian countries, such as China, were intensified, inflation began to decline, and the Central Bank lowered the interest rate to 7.5%,” he explained.
Russian President Vladimir Putin previously said that inflation in Russia by the end of 2022 will be just over 12%, these figures are lower than in the G20 states.
Putin added that next year the Russian economy should aim for the target of 4-5%.