Inflation in the Russian Federation in 2022 needs to be returned to the target level of 4%, Russian President Vladimir Putin said at a meeting on economic issues.

“The main problem today for both the economy and citizens is the growth of inflation. At the end of November, it amounted to 8.4%. In 2022, it is necessary to ensure the return of inflation to the target level of 4%,” he said.

The main focus in the fight against inflation should be on increasing the supply in the market, primarily in terms of products, Putin said. “We need to implement effective mechanisms to counter inflation. I ask you to focus on increasing the supply of goods and services in the domestic market, first of all, it concerns food products,” he said.

Economic dynamics

The President assesses positively the economic dynamics in Russia. “I would like to note that the economic dynamics are generally positive. According to the results of ten months of this year, the GDP grew by 4.6%,” he said.

The head of state noted that this is not the largest, although not the smallest growth in the world. “But for our reality, for our present day, for the Russian economy, this is a good indicator,” he said.

Putin also said that by the end of three quarters “investments were in positive territory by 7.6%.” The volume of lending in Russia, according to him, also did not decrease, despite the increase in the key rate of the Central Bank.

The President stated that the government has fulfilled the key task for the current year – to restore the labor market. He said that “employment in Russia has reached 72.3 million people, which corresponds to the level of the second half of the pre-2019 year.” At the same time, he drew the attention of the meeting participants to the fact that there are still many problems to be worked on.