The Finance Ministry: inflation in the Russian Federation the end of 2016 may be lower than 6%

MOSCOW, November 20. The Finance Ministry does not rule out inflation in the Russian Federation by the end of 2016 at a level below 6%. This forecast was voiced by the Deputy Minister of Finance Maxim Oreshkin in an interview with TV channel “Russia 24”.

“Our forecast says that by the end of March the annual change of inflation will be below 7%, and at year-end, we can easily get lower than 6%. That is, inflation is under control,” said the official.

In the baseline scenario of the forecast for 2016, the budget, next year inflation is projected at 6.4 per cent.

Oreshkin also noted that the growth of the EAP of the Russian Federation is expected in the second or third quarter of next year. “Next year we should get in a whole year the positive results (GDP – approx. ed.). It is clear that the year-on-year in the first quarter will be negative, and only the second or third quarter we’ll go out in a positive area. But the quarter to quarter momentum has already been positive,” the Minister said.