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Ministry of Finance: Russia is waiting for a very low inflation in 2016

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Ministry of Finance: Russia is waiting for a very low inflation in 2016

Ministry of Finance: Russia is waiting for a very low inflation in 2016
September 14
15:00 2016

The Ministry of Finance of the Russian Federation has made a pessimistic forecast: the lowest inflation rate of 5.7% is expected at the end of the year. On September 14, RIA Novosti has quoted the words of Deputy Finance Minister Maxim Oreshkin, who shared this information.

In particular, Oreshkin said: “Now the level is lower than 7% of expectations (on inflation) for the end of the year. 5.7% is the level that we expect at the end of the year. This is a historic low of the inflation in Russia. “

He also said that the Russia’s target on the inflation, which was equal to 4%, could be really achieved in 2017. Maxim Oreshkin noted that, in particular, the decline in inflation expectations was clearly seen on the debt market.

Deputy Minister of Finance noted: “If you look at our inflation bonds, it is clear that those expectations, which have been incorporated in the next 6-7 years, is the average inflation rate not higher than 5%. When we placed them, levels were much higher.”

On the eve the agency made a forecast for this year inflation, which was equal to 5.5-6%. Meanwhile, the Central Bank of the Russian Federation gives its forecast of the consumer price growth for the full year at around 5-6%.

The forecast is based on the Ministry of Economic Development forecast with the inflation of 6.5%, although the representatives of agencies in the recent past said many times that this mark would be below 6%.

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