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Inflation in Russia reached its lowest level since 1999

27 May 2022 17:10 (UTC +04:00)

"There was no reduction in production, a trade deficit, and a sharp increase in unemployment against the backdrop of anti-Russian sanctions in Russia," announced on Friday, May 27, by Prime Minister Mikhail Mishustin, APA reports citing CNTV.

“We managed to avoid a shortage of goods – the rush demand subsided, which happened at the very beginning of the application of sanctions,” the head of government said, speaking to the superfinalists of the “Leaders of Russia” management competition.

He emphasized that it is important to give businesses and enterprises the opportunity to adapt to the new logistics and financial conditions in the current circumstances.

Mishustin also said that, according to the latest data, inflation in Russia has practically stopped. In the first 20 days of May, it reached its lowest level since 1999, and deflation was recorded in the last week.