The growth of consumer prices in Russia does not demonstrate a significant slowdown, while the Central Bank is preparing to discuss recordly high interest rates. The economic situation remains tense against the background of significant state expenses related to the war against Ukraine. The Central Bank has already complained about the lack of personnel and the risk of stagflation.

According to Bloomberg, according to the Federal Statistics Service, consumer prices in Russia for a week that ended on February 3 increased by 0.16%. This is slightly less compared to the previous week, when the indicator was 0.22%. At the same time, the Ministry of Economics evaluates annual inflation at 9.92%, which is more than twice the target indicator of the Central Bank.

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Despite the increase in the accounting rate by 5% last year, in December the regulator unexpectedly left it at 21%. At the same time, the analysts of the Bank of Russia note that a strict monetary policy will have to be maintained due to increased economic load.

According to the Central Bank report published on February 6, the data for January 2025 indicate the preservation of a high level of inflation without signs of its steady decline. This situation is affected by several factors:.

growth in consumer demand,.

introduction of new sanctions,.

one -time increase in adjustable tariffs,.

Harvesting,.

Weakening of the ruble.

The expenses of the Russian government for war against Ukraine also exceeded the planned indicators. In particular, in 2024, budget revenues were 5% higher than the predicted, and expenses were 10%. This led to an increase in the money supply and an increase in funds in the banking sector.

Analysts note that although the Central Bank does not have control over budget expenditures, it regulates the money supply in circulation. According to Dmitry Polevoi, the investment director of Astra Asset Management, the situation remains unstable.

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The Russian economy is already in the deepest crisis. Sanctions, multiplied by a while, did their job. Will the Kremlin continue to finance the war of 2025? Does he have enough resources for this? And what it depends on?

About this in the article "