MOSCOW: Inflation in Russia will be under 10 percent only in the second quarter of 2016, Russia’s Minister of Economic Development Alexei Ulyukayev said Tuesday.
“We are likely to reach the level of less than 10 percent next year, but a bit later than we expected. We expected this to happen in the first quarter, but the forecasts must likely be moved to the second quarter,” Ulyukayev told Rossiya-24 television.
According to Ulyukaev, the situation with inflation is improving more slowly than expected, as oil prices affect the national currency exchange rate and the level of the consumer price index in the country.
Russia’s economic performance experienced a slowdown since mid-2014, due to a sharp fall in global oil prices and several rounds of anti-Russia sanctions imposed by the West over Moscow’s alleged involvement in Ukraine’s internal conflict. The ruble lost about half its value against the dollar.
In late November, the International Monetary Fund (IMF) said Russia’s economic outlook had been improving, with the country’s economy heading toward stabilization. The IMF predicted Russia’s inflation rate to continue to fall further during 2016.
