December 29, 2015 |
|Inflation in Russia may stand at below 10% in 2016, Economic Development Minister Aleksey Ulyukayev said in an interview aired by the Rossiya-24 TV news channel on Tuesday, adding that this is likely to happen in the second quarter of next year rather than in the first quarter as was expected earlier.|
"Downward overall dynamics (of inflation) is recorded. We’re likely to face (inflation) level below 10% next year though later than we expected. We expected it to happen by the end of the first quarter but we’re most likely to see it in the second quarter," he said.
"Consumer demand ratio will change further on respectively," the Minister added.
In November, consumer inflation accelerated to 0.8% versus 0.6% in September and 0.7% in October while it has totaled 12.1% year-to-date, according to December report by the Economic Development Ministry. In December, inflation will continue accelerating due to resumed devaluation of the ruble amid plunging oil prices and strengthening of inflationary expectations, including due to expansion of food embargo regime, the Ministry said.
Inflation in Russia is still going down due to high base effect late last year in annual terms though slower than forecasted. In November, inflation stood at 15% year-on-year.