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Nabiullina: the forecast of the inflation has been amounted to 5.5-6% as a result of the current year

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Nabiullina: the forecast of the inflation has been amounted to 5.5-6% as a result of the current year

Nabiullina: the forecast of the inflation has been amounted to 5.5-6% as a result of the current year
September 16
16:00 2016

Elvira Nabiullina, Chairman of the Central Bank of the Russian Federation, said that the regulator was expecting the inflation rate of about 5.5-6% by the end of the year.

In particular, she said: “We have specified our forecast regarding the inflation at the end of this year to 5.5-6%. Currently, the inflation has slowed down to 6.6% based on the weekly data of the early September. ” Nabiullina said that a year ago the Central Bank had made a forecast of the annual rate of growth of consumer prices within  7% in September the current year.

According to Nabiullina, the indicators of basic and trend inflation have fallen. This year good harvest is slowing the pace of growth of consumer prices, but it is considered as a temporary phenomenon in the regulator’s forecasts. In addition, the Central Bank said that we could observe a good situation at global markets and a stronger than expected ruble.

“At the same time the inflation has not fallen below the expected level, which can be a sign that the restraining effect of long-acting factors is being weakening primarily from the side of the consumer demand,” – said Nabiullina.

“In order to let the inflation steadily decline to 4% at the end of 2017, monetary conditions in the economy should be moderately hard. For this purpose, we need to preserve the key rate at the level of 10% at least until early next year. We will consider the possibility of its reduction not earlier than the first- second quarter of 2017 “, – said the chairman of the Central Bank. She also noted that that decision was based on the new macroeconomic forecast.

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