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Rosstat reported the inflation rate for 2020

Inflation in Russia in December 2020, according to preliminary data, accelerated to 0.8% and amounted to 4.9% at the end of the year, Rosstat reported. According to preliminary data, the consumer price index in December 2020 will be 100.8%, from the beginning of the year – 104.9%. In annual terms, the rate of depreciation of money in the Russian Federation at the end of 2020 reached 4.9%. Over the past 12 months, food products have risen in price by 6.7%, non-food products – by 4.8%, and services – by 2.7%. Central Bank, inflation by the end of 2020 will be in the range of 4.6-4.9%, and in 2021 – from 3.5% to 4%.

Source: www.glavbukh.ru  

News
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.
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

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