Vladimir Putin announced the risks of rising inflation

According to him, despite a number of positive indicators in the economy, the country's authorities see the main risks for socio-economic development, one of which is rising inflation. “We recently spoke with the chairman of the Central Bank [of the Russian Federation], Elvira Nabiullina, and I share these positions,” the president noted.

“Yes, at the moment it ( inflation - TASS note)) is moderate, but there are already signs of accelerating inflation, including due to the fact that the supply of Russian producers lags behind demand. It is important to maintain the price stability of our economy, to ensure a balance of supply and demand,” Putin said, adding that the leading role here belongs to the government, which should contribute to the maximum expansion of the production of goods and services, “clearing the so-called bottlenecks in logistics, energy, and the real sector and so on."

The HEAD of state recalled that at the St. Petersburg International Economic Forum he called the development of the "supply economy" the most important task. "We will discuss specific steps and mechanisms of such a policy at the next Council on Strategic Development and National Projects," the president said.

After the president's opening remarks, the meeting continued behind closed doors. It was attended by the head of the Presidential Administration Anton Vaino, First Deputy Prime Minister Andrei Belousov, First Deputy Head of the Presidential Administration Sergei Kiriyenko, Deputy Prime Minister Tatyana Golikova, Deputy Prime Minister - Chief of the Government Staff Dmitry Grigorenko, Deputy Chairman of the Cabinet Marat Khusnullin, Presidential Aide Maxim Oreshkin, Head of the Ministry of Economic Development Maxim Reshetnikov and Minister of Finance Anton Siluanov, as well as Chairman of the Central Bank of the Russian Federation Elvira Nabiullina.

As the Central Bank of the Russian Federation previously reported, as of July 17, the annual growth rate of consumer prices increased to 3.6% after 2.5% in May and 3.3% in June. According to the Central Bank, taking into account the current monetary policy, annual inflation will be 5-6.5% in 2023, return to 4% in 2024 and will be close to 4% in the future.