Kudrin expects inflation in Russia to reach 5-8% in 2023

“Inflation is expected to be around 12% in 2022.

In this sense, we are certainly experiencing a big leap forward.

The peak of this inflation was in April, when in annual terms it rose to almost 18%.

However, now there is a steady decline,” Kudrin said on the sidelines of the INTOSAI congress.

He recalled that the Central Bank "significantly lowered its key rate" to 7.5% per annum.

“I think it will continue to decline in the future.

The inflation target that we set for ourselves in the medium term - 4% - will only be achieved in 2024 or 2025.

At the same time, in 2023, the figure may be from 5 to 8%,” said the head of the Accounts Chamber.

In his opinion, after two years of falling GDP, Russia will need two or three years to recover.