The Finance Ministry announced a possible inflation in Russia lower than 6% in 2016

Moscow. November 20. Annual inflation in Russia by the end of the first quarter of 2016 could fall below 7%, for the year is lower than 6%, said the Deputy head of the Ministry of Finance Maxim Oreshkin in an interview to “Russia 24”.

Now annual inflation is at the level of 15.2-15.3%, and in March it reached 16.9 per cent. With the beginning of the year to 16 November the prices increased by 11.7%.

“Joint action of the government in terms of budgetary policy and the Central Bank in monetary policy has led to the fact that in the first quarter inflation was 7.5% in three months, the second quarter is 1.1%, the third quarter, despite the weakening of the ruble is quite serious, which we saw at the end of the summer, at 1.8%, the fourth quarter is also about to leave such marks,” said Oreshkin.

“Our forecast shows that by the end of March the annual change of inflation will be below 7%, and at year-end can easily go below 6%. That is, inflation is under control. The action taken by the Central Bank and the government over the past year, has led to a surge in inflation due to external shock and reducing real exchange rate, was limited,” he said.

The Ministry expects inflation at end of 2015 in the amount of 12,7-12,8%, in 2016 – 6.4 per cent.