Inflation in Russia is the lowest in Europe

People shop at a supermarket in Moscow, Russia on April 6, 2022. Photo: AFP/TTXVN

RT quoted Mr. Mishustin: “As of early May, inflation has dropped to 2.3% compared to the same period last year. This is the lowest figure among all European countries.”

The index continued to decline after falling sharply to 3.51% in March from 10.99% in February. Inflation in Russia is well below the government 's target of 5% for the year.

Meanwhile, Switzerland recorded inflation of 2.6% in April, the second lowest after Russia. The region's largest economy, Germany, saw prices rise at a rate of 7.2%, France at 5.9%, Italy at 8.2%. Annual inflation in the eurozone, which uses the currency, is at 7%.

Earlier, the Russian Federal Statistics Service (Rosstat) said on April 8, 2022 that the country's inflation rate had reached 16.7% in March compared to the same period last year, the highest level since 2015, while food prices increased even more sharply. According to Rosstat, prices in March 2022, a month after Russia launched a special military operation in Ukraine, increased by 7.5% compared to the previous month.

At the event, Prime Minister Mishustin also announced that Russia's unemployment rate had fallen to a record low of 3.5%. He stated that the Russian economy as a whole is thriving despite the pressure of Western sanctions. Russia's credit institutions, foreign exchange and stock markets are functioning normally thanks to a well-developed national payment infrastructure.

He also said the Russian government has been implementing large-scale programs to modernize infrastructure in the regions to support local businesses.

The above information was given by Mr. Mishustin at the plenary session of the Russia-China business forum within the framework of his 2-day visit to China. The event was attended by leaders of Russian and Chinese companies.

At the event, Prime Minister Mishustin also stated that Russia is moving towards dynamically developing markets and has expanded trade relations with rapidly developing economies around the world, including China. He noted that Russia's trade turnover increased by more than 8% to $850 billion last year, with exports increasing by about 20%. He stressed that Moscow will continue to build relations with friendly countries, which is one of the six key tasks outlined by Russian President Vladimir Putin this year.

Prime Minister Mishustin said that trade turnover between Russia and China in 2023 could reach 200 billion USD as proposed by the two countries' top leaders. In the first quarter of this year, bilateral trade turnover increased by about 25%, reaching nearly 52 billion USD. Payments between the two countries in local currencies have continuously increased, of which this rate reached 25% in 2021, increased to nearly 75% in 2022 and will continue to increase.

Mr. Mishustin affirmed that Russia opens opportunities for all businesses in all fields, welcomes partners from friendly countries, first of all China, to launch long-term, promising projects. According to him, the two countries can exchange advanced technologies and cooperate in the production of civil drones, petrochemical equipment and other high-tech projects such as shipbuilding and machine building.

Prime Minister Mishustin arrived in Shanghai on May 22 for a two-day official visit to China. He is scheduled to visit Beijing to meet with Chinese President Xi Jinping and hold talks with Premier Li Qiang on strengthening bilateral trade and economic ties. After that, the two sides are expected to sign bilateral agreements.

According to THUY DUONG (Tin Tuc Newspaper)

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