The Central Bank maintains inflation target at 4% for 2017

The Central Bank maintains inflation target at 4% for 2017


The Central Bank believes that to achieve the inflation target without exerting excessive downward pressure on the economy, said Elvira Nabiullina.

LIMA, 10 Oct. The Bank of Russia still retains the inflation target in the RF of 4% in 2017, believing that they will be able to reach it, without exerting excessive downward pressure on the economy, said the head of the Central Bank Elvira Nabiullina.

“We maintain our objective (the inflation — ed.) of 4% by 2017. Next year our forecast is 5.5-6.5 per cent. We believe that this goal can be achieved, without excessive downward pressure on the economy,” Nabiullina told journalists.

The government previously approved an updated forecast of economic development, in the baseline scenario is based on inflation in Russia in 2016 6.4%, 2017 6%, 2018 of 5.1%. In the previous forecast of socio-economic development of the Russian Federation, the core inflation rate for 2016 was put at 7%, for 2017 — 6,3%, in 2018 — also to 5.1%. Thus, the expectations of the Ministry were more pessimistic than the Central Bank forecast.

“On inflation, we believe that we can achieve these goals. Not only can, but should,” — said Nabiullina.