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RF economic development ministry brings down inflation forecast for 2015 from 6.5 to 6%

September 14, 2014, 18:52 UTC+3 MOSCOW
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MOSCOW, September 14. /ITAR-TASS/. Russia’s ministry of economic development has reviewed its inflation forecasts for 2015 from 6.5 to six percent, according to materials of the finance ministry made available on Sunday.

The forecast of consumer prices growth for 2016 and 2017 remained unchanged - at 4.5 and four percent, respectively.

Inlate August, when the ministry of economic development issued an updated macroeconomic forecast for 2014-2017, head of the ministry’s macroeconomic forecasting department Oleg Zasov said that inflation forecasts for 2015 had been raised from five to 6.5% due to two key factors - an expected rise of prices on foods that fell under sanctions and a sales tax that was to be introduced from 2015, with the latter expected to cause “an additional inflation damage of about one percent.”

This week, the Central Bank’s basic scenario provided for an inflation of 4.5-5.0% in 2015 and 3.7-4.2% in 2016 and 2017, according to the bank’s basic guidelines of the state monetary policy made public earlier this week.

Both the Central Bank and the ministry of economic development expect a 7-7.5% growth of consumer prices in 2014.

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