Finance Minister Said about the Danger of Overheating of the Russian Economy
OREANDA-NEWS. Annual inflation in Russia is now about 5.9%, which is an element of overheating of the economy, so budgetary policy needs to be normalized, said Finance Minister Anton Siluanov at the SPIEF.
"You are asking whether we will normalize budgetary policy. But what about. Because if we continue to increase spending ... what will we end up with? Overheating. Elements of overheating are already visible - high inflation. We now have inflation of about 5,9%, if we take year-on-year. Higher than our target of 4%, "Siluanov said.
Also, Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum that high prices bother the government, but there is no strict administrative regulation of prices in Russia, there are many other mechanisms.
“There is no such thing that we say that tomorrow in stores bread is sold for 100 rubles. Therefore, this situation should not be overheated here. Yes, it worries us, the situation with high prices worries. But there are many market instruments. My position is that we do not have rigid administrative pricing. We have enough mechanisms, "he said at the SPIEF session" The Russian Economy: From the Anti-Crisis Agenda to Sustainable Development. "
The St. Petersburg International Economic Forum in 2021 is held on June 2-5 in face-to-face format.