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Russia’s economy on the rise, annual inflation falls to 3%

Annual inflation in Russia has decreased down to 3 percent amid its continued decline.

MOSCOW (Sputnik) – Annual inflation in Russia has decreased down to 3 percent amid its continued decline, the country’s Economic Development Minister Maxim Oreshkin said Thursday.

“In this year, the Russian economy has entered a new phase of growth. Now GDP growth rates exceed 2 percent. We expect them to stand at 2.1 percent at year end. The inflation has decreased down to 3 percent,”

Oreshkin said delivering a speech at the Russian-Saudi investment forum.

In September, Oreshnkin said that the September rates of inflation would be around 0 percent and could be the same in October, adding that deflation was also possible

The Russian Economic Development Ministry expects inflation to stand at 3.2 percent in 2017, while the Central Bank aims for a 4-percent rate.

Russia’s consumer prices rocketed in late 2014 as the ruble plunged twofold against international currencies, with inflation reaching almost 17 percent in monthly year-on-year terms by early 2015. Inflation rates later declined, falling below 8 percent by early 2016.

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