OREANDA-NEWS  The pace of price growth in Russia will slow down by the end of the year, Russian Deputy Prime Minister Alexander Novak believes. According to him, the inflation rate by the end of 2024 will be eight percent or slightly lower. This is reported by RIA Novosti.

The deputy chairman of the government noted that the decrease in the indicator relative to the July peak of 9.2 percent is already being observed, and announced its further decrease. "Let's see how the situation will develop now in the next two months, November-December, including taking into account the tight monetary policy of the Central Bank," he said.

According to the current forecast of the Central Bank itself, annual inflation in Russia will reach 8-8.5 percent. The regulator announced this after another increase in the key rate, which reached 21 percent per annum.

According to the Ministry of Economic Development of the Russian Federation, from October 22 to 28, price growth in the country accelerated from 8.52 percent to 8.61 percent. During the month, inflation in the food segment outstripped non—food products four times at once - 0.48 percent versus 0.12 percent.