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.

The Russian leader is reportedly facing growing pressure from Russia's elite to engage in peace talks to end the war.

High inflation is the key challenge for the Russian economy in 2025, while the economic growth rate is expected to fall from 4.1% recorded last year, Prime Minister Mikhail Mishustin told President Vladimir Putin on Friday.

Speaking at a televised meeting with Prime Minister Mikhail Mishustin on Feb. 7, Putin noted that consumer prices in Russia rose by 9.5% in 2024 and have climbed further to 9.9% year-on-year this month.

The President of Russia, Vladimir Putin, has acknowledged that inflation remains a significant "challenge" for the country's economy. He has instructed the government to implement measures to reduce inflation by 2025,