Reshetnikov Reports Steady Inflation Decline in Russia

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Russian Minister of Economic Development Maxim Reshetnikov has declared that inflation in Russia has stabilized and its decline is now a sustained trend, a result of targeted economic policies, according to Interfax citing his remarks at the Russian-Serbian business forum in Belgrade.

Reshetnikov noted that the primary objective of curbing price growth has largely been achieved. He attributed the results to deliberate measures that also affected the pace of economic growth. For instance, GDP growth in the previous year was around 1%, which he described as the "price" for stabilizing inflation.

In the longer term, however, the Russian economy is showing growth: the cumulative increase in GDP from 2023 to 2025 exceeded 10% in real terms. The main driver of this development, Reshetnikov emphasized, remains domestic demand, both from consumers and businesses.

He also highlighted the current price dynamics. Inflation in 2025 was 5.6%, and in 2026, based on current indicators, there is a trend toward further deceleration. At the same time, unemployment remains at historically low levels—around 2.1%—which, according to the minister, creates a solid foundation for further economic growth.

Statistical data confirms this trend: in April, price growth remains minimal, and annual inflation continues to gradually decline, hovering around 5.7% depending on the calculation method.

Meanwhile, the Bank of Russia maintains its previous forecast, anticipating inflation in 2026 to be at 4.5-5.5% and returning to the target level of 4% in 2027.