World meat industry news

The current dynamics of consumer prices in the Russian Federation indicates that inflation by the end of 2022 may be lower than the current forecast of 12.4%, it is expected in the range of 12.0-12.4%, Economic Development Minister Maxim Reshetnikov said yesterday at a meeting on social issues by President Vladimir Putin.

"The expected estimate of inflation at the end of the year is 12.4%, this is what is included in the forecast. At the same time, according to current figures - for weekly inflation and for October inflation, which will now be preliminary data (Rosstat will publish inflation data in October on Wednesday ), - most likely, it will even be a little less. Definitely not higher than 12.4%, most likely the range will be 12.0-12.4%," the minister said.

According to Rosstat, inflation in the Russian Federation from October 25 to 31 was 0.07% after inflation of 0.08%, 0.02%, 0.03%, 0.07% and 0.08% in the previous five weeks. From the beginning of October, consumer prices in the Russian Federation increased by 0.23% by October 31, from the beginning of 2022 by October 31, prices increased by 10.71%.

From the average daily data of Rosstat, it follows that annual inflation in the Russian Federation slowed down as of October 31 to 12.7% from 13.68% at the end of September.

The official inflation forecast of the Ministry of Economic Development for 2022 is 12.4%, for 2023 - 5.5%.

The Central Bank expects inflation in the Russian Federation in 2022 in the range of 12-13%, in 2023 - in the range of 5-7%, in 2024 - at the target level of 4%.