MOSCOW: The outlook for inflation in Russia as of 2016 year-end was revised upward from 5.8% predicted earlier to 5.6%, the Ministry of Economic Development said on Monday. “According to the estimate of the Russian Ministry of Economic Development, consumer inflation will be 5.6% as of 2016 year-end, which is slightly lower than in the formal outlook, owing to greater ruble strengthening and remaining low consumer demand,” the Ministry said.
November inflation remained actually at the prior month level and was 0.4%. Inflation is steadily declining on an annualized basis from 7.5% in June to 5.8% in November. Consumer prices growth remain at the lowest levels since the year beginning. “Inflation was 5.2% within the period from January to December 12, 2016, while it was 12.5% a year earlier. This is a great success in a drive against inflation,” the Ministry said.
