Russia's Putin calls for pension hike above inflation rate

Wednesday, January 12, 2022

© Reuters. Russian President Vladimir Putin delivers a speech during an event marking the 300th anniversary of the foundation of the Russian prosecution service in Moscow, Russia January 12, 2022. Sputnik/Alexey Vitvitsky/Pool via REUTERS

By Katya Golubkova

MOSCOW (Reuters) - Russian President Vladimir Putin called on Wednesday for an 8.6% rise in public pensions this year, slightly above the inflation rate, further increasing state social spending from last year as consumer price inflation hovers near six-year highs.

Ahead of parliamentary elections last year Putin ordered one-off social payments and public sector salary hikes worth at least 500 billion roubles ($7 billion), which analysts said may further fuel inflation.

Inflation in Russia accelerated to 8.4% last year, preliminary data showed, nearly its highest level since early 2016 and double the central bank's target of 4%, forcing the regulator to tighten monetary policy.

Rising consumer prices are hitting living standards, while Putin has for years promised to boost real disposable incomes. Last year, he called for pre-emptive measures to stop inflation from spiralling.

On Wednesday, he said pensions in Russia should be increased by 8.6%, slightly above the preliminary inflation reading for last year.

"Previously taken decisions will not cover for people's expenses resulting from accelerated inflation last year," Putin told a government meeting. "So I propose... to increase pensions by slightly more than inflation."

The central bank expects inflation to slow to 4%-4.5% by the end of this year. It raised its benchmark interest rate to 8.5% from 4.25% over the course of last year and has said more than one rate hike is still possible in coming months.

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17-01-2022 21:13:47 (UTC+7)

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EUR/USD	1.1418	↑ Sell
GBP/USD	1.3657	↑ Sell
USD/JPY	114.49	↑ Sell
AUD/USD	0.7221	↑ Sell
USD/CAD	1.2492	Neutral
EUR/JPY	130.72	↑ Sell
EUR/CHF	1.0430	Sell

Gold	1,821.15	Sell
Silver	23.087	↑ Sell
Copper	4.4380	↑ Buy
Crude Oil WTI	84.08	↑ Buy
Brent Oil	86.96	↑ Buy
Natural Gas	4.267	Buy
US Coffee C	239.65	↑ Buy

Euro Stoxx 50	4,302.14	↑ Sell
S&P 500	4,662.85	↑ Buy
DAX	15,933.72	↑ Sell
FTSE 100	7,611.23	↑ Buy
Hang Seng	24,280.37	↑ Sell
Small Cap 2000	2,161.55	↑ Buy
IBEX 35	8,838.70	↑ Sell

BASF	68.140	Neutral
Bayer	52.82	↑ Buy
Allianz	227.05	↑ Buy
Adidas	252.65	↑ Buy
Lufthansa	7.241	↑ Sell
Siemens AG	146.00	Neutral
Deutsche Bank AG	12.018	↑ Buy

Mua/Bán 1 chỉ SJC # So hôm qua # Chênh TG
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