Speaking at a televised meeting with Prime Minister Mikhail Mishustin on Feb. 7, Putin noted that consumer prices in Russia rose by 9.5% in 2024 and have climbed further to 9.9% year-on-year this month.

Russian President Vladimir Putin on Friday acknowledged that inflation remains a major “challenge” for the country’s economy and ordered the government to work on lowering it in 2025. Consumer prices in Russia rose by 9.

Russia reported strong economic growth for 2024 on Friday as record spending on the military offensive against Ukraine outweighed the impact of Western sanctions. Before sending troops into Ukraine, Russia had faced almost a decade of sluggish growth and falling living standards -- suffering under sanctions and restrained domestic spending after Moscow annexed Crimea in 2014.

High inflation is the key challenge for the Russian economy in 2025, while the economic growth rate is expected to fall from 4.1% recorded last year, Prime Minister Mikhail Mishustin told President Vladimir Putin on Friday.