Putin wants higher interest rates for inflation

Russian President Vladimir Putin has ordered his government to raise civil servants’ wages, pensions and social benefits amid inflation. He said this during a meeting with the government, pictures of which were broadcast.

Putin estimated Russia’s inflation at 17.5 percent. The West was accused of launching a blitzkrieg against the Russian economy by imposing sanctions after the Russian invasion of Ukraine. She added that the economic situation has now stabilized.

Support question

The president urged his administration to inject new money into the economy to revive consumption. “It is now very important to support domestic demand again to prevent it from excessive deflation,” Putin said. Resources available for it, after the “budget surplus at a record level” in the first quarter.

After the Russian invasion on February 24, the West imposed unprecedented economic sanctions on Moscow. Russia’s gross domestic product is expected to contract 11.2 percent this year, according to the World Bank, the biggest drop since 1994.

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