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Annual inflation in Russia has decreased

The annual inflation forecast for 2019, according to the Ministry of Economic Development, is about 4.3%. According to July 15, annual inflation in the Russian Federation fell to 4.5%, according to the report of the Ministry of Economic Development “Picture of business activity. July 2019”.

“According to the Ministry of Economic Development of Russia, as of July 15, the growth rate of consumer prices fell to 4.5% year-on-year (compared with the March peak of 5.3% YoY)”, the document says.

According to official figures from the Ministry of Economic Development, the inflation forecast for 2019 is 4.3%. But at the same time. On July 15, the Russian Minister of Economic Development Maxim Oreshkin told reporters that the Ministry of Economic Development does not exclude annual inflation in 2019 below 4%.

Earlier, the Central Bank of the Russian Federation reported that in June inflation in annual terms slowed to 4.7% amid falling prices for fruits and vegetables. According to the forecast of the Bank of Russia, annual inflation in the Russian Federation by the end of 2019 will amount to 4.2-4.7% and will continue to be near 4%.

 

Source: www.tass.ru

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The authorities admitted that they could not keep inflation within 4%. It will be possible to return to this target indicator only in the second half of 2022, according to the analytical commentary of the Central Bank.
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
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