Putin was warned of the inflation level in Russia. (Image: Getty)
Russia’s economy is in meltdown yet again as Vladimir Putin had to be warned of the shocking levels of inflation.
Prime Minister Mikhail Mishustin reported to Putin that ‘s economy expanded by 4.1% in 2024, slightly surpassing the official projection of 3.9%.
During a meeting broadcast on state television, Mishustin informed Putin that the to an unprecedented 200 trillion roubles (£1.6 trillion).
Putin expressed his approval of the economic performance, describing the results as “good” and “satisfactory”.
However, he reiterated his desire to see inflation, , come down.
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The Russian ruble tanked recently as inflation continues to be an issue. (Image: Getty)
He also pointed out that ‘s economic growth outpaced that of what he termed “so-called developed countries”, highlighting lower growth figures for the United States, Germany, and France in 2024.
Contrary to Western forecasts of a collapse due to sanctions imposed over its conflict in , the Russian economy has shown resilience, with increased military expenditure contributing to growth but also driving up consumer prices.
But soaring inflation has become a significant concern for both the Russian economy and consumers, for basic goods in supermarkets.
The central bank, acknowledging signs of economic overheating, has kept its benchmark at 21%, the highest in two decades, as part of efforts to curb inflation.
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These high , coupled with labour shortages, have put pressure on the economy in recent months.
This comes as foreign as global businesses continue to pull their money from the country.
lost £111 billion in the first year of the war with , £64 billion in 2023, and £35 billion last year, according to data from the Central Bank.