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Inflation in Russia at the end of the current year will be about 12-13%. This was stated by the First Deputy Prime Minister of the Russian Federation Andrey Belousov at a meeting of the Presidium of the Government Commission on Improving the Stability of the Russian Economy under Sanctions.

"In general, for the year we expect the inflation rate to be approximately in the range of 12-13%, taking into account the trends that are going on today, which, of course, is much more positive and much more optimistic than we expected two or three months ago, and is comparable to the inflation rate in Western countries," he said.

The First Deputy Prime Minister added that by the end of the year, deflationary processes could be replaced by "some increase in prices within the target." Belousov explained that today in the Russian Federation there is a near-zero price dynamics, minus the seasonal effect of cheaper fruits and vegetables and tourism services.

According to the draft forecast of the social and economic development of the Russian Federation until 2025, prepared by the Ministry of Economic Development, inflation in Russia by the end of this year will be at the level of 13.4%.

The peak of the decline in consumer demand in Russia occurred in the second quarter of this year, then recovery is expected, said the First Deputy Prime Minister.

"A very important conclusion that we came to after a thorough analysis with experts - the Ministry of Economic Development conducted this analysis, experts from the Bank of Russia, the Ministry of Finance - that, most likely, we have already passed the peak of the decline in consumer demand and have already entered the growth trajectory. What will be the gradient, the angle of inclination of this curve - this issue also depends on the actions of the government.<...> In other words, we passed the worst times in the second quarter, and there will be a gradual improvement," Belousov said.

According to the First Deputy Prime Minister, the overall decline in consumer demand in the Russian Federation by the end of the year will be 4-4.2%, and in 2023 we can expect an increase in consumer activity by 2.5-3%.

“We see that the shock that was associated with rising prices in March and April is gradually disappearing. To a greater extent, this concerns food products, to a lesser extent, non-food products. But both there and there, demand is gradually starting to revive,” summed up Belousov.