Business

Vladimir Putin acknowledged on Thursday that inflation is a significant issue in Russia and that the country’s economy is overheating.

During his annual year-end press conference, the Russian president addressed a wide range of topics, including the state of the national economy, which has been heavily focused on supporting the war effort for nearly three years.

Since February 2022, Russia has faced Western sanctions, including caps on oil and gas export prices and restrictions on certain Russian banks.

"There are some issues here, namely inflation, a certain overheating of the economy, and the government and the central bank are already tasked with bringing the tempo down," the Russian leader said.

Adding to these challenges, the Russian ruble has plummeted in value, while interest rates have risen to historically high levels this year.

"Of course, inflation is such an alarming signal," he added.

(QG - Source: CNBC / Picture: © Pixabay)