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Inflation in Russia to be higher than in developed states until 2030 - ministry

April 13, 2012, 23:11 UTC+3

Last year Russia reported an inflation of 6.1%, which was the lowest indicator since 1991

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MOSCOW, April 13 (Itar-Tass) —— Inflation in Russia will be higher than in developed states until 2030, Deputy Economic Development Minister Andrei Klepach said on Friday presenting the long-term socioeconomic development forecast.

He explained the inflation with the outrunning growth of infrastructural companies’ tariffs and the anticipated weakening of the ruble exchange rate. In the period after 2020 the inflation will mostly relate to the higher cost of market services amid the general growth of salaries and incomes. By the innovative model inflation will be at 4.2-4.9% in 2015-2020. It may go down to 3-4% per year in 2021-2030, mostly due to the stabilization of the exchange rate and the slowed down growth of housing and public utility charges.

The growth of public utility charges will shrink by 1.5 times due to the lesser growth of energy prices, the broadening competitive environment and smaller operating costs alongside modernization of fixed assets. After 2025 the dynamics of infrastructural companies’ charges will annually grow by no more than 0.4-0.6%, which will decrease the inflation to 3-3.2%.

Under the conservative scenario, inflation will be approximately the same (average 4.6%) in 2015-2020. There will be steadier dynamics of the exchange rate, which will be compensated with bigger growth of commodity prices and natural monopoly charges. In 2021-2030 the annual growth of consumer prices will be 3.6% on the average, as against 3.4% provided by the innovative scenario, as a result of the greater weakening of the exchange rate and increased energy prices, which would entail higher housing and public utility tariffs. The annual inflation component in the tariffs of infrastructural companies will be 1.5 times higher than in the innovative scenario, 0.6-08%.

Last year Russia reported an inflation of 6.1%, which was the lowest indicator since 1991.

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