Russia's economy grew by 4.1% in 2024, Russian Prime Minister Mikhail Mishustin told President Vladimir Putin on Friday, slightly better than an official forecast of 3.9%.

The President of Russia, Vladimir Putin, acknowledged that inflation remains a serious "challenge" for his country's economy and instructed the government to take measures to reduce it by 2025, reports "The Moscow Times.

Russian President Vladimir Putin acknowledged on Feb. 7 that inflation remains a major challenge for the country’s economy and directed the government to develop measures to lower it in 2025. Speaking at a televised meeting with Prime Minister Mikhail Mishustin,

Russia reported strong economic growth for 2024 on Friday as record spending on the military offensive against Ukraine outweighed the impact of Western sanctions. Before sending troops into Ukraine, Russia had faced almost a decade of sluggish growth and falling living standards -- suffering under sanctions and restrained domestic spending after Moscow annexed Crimea in 2014.

Inflation has become a significant concern for both the Russian economy and consumers, who have witnessed rising prices for basic goods in supermarkets.