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Russian finance minister urges decision on increasing retirement age

MOSCOW, April 14. /TASS/. Russia needs to decide on increasing the retirement age urgently, Finance Minister Anton Siluanov said Tuesday.

The minister also noted that the country should be prepared to a period of low oil prices. The first quarter of 2015 will be the weakest in terms of economic growth in Russia.

"The reality is that low levels of prices may remain for quite a long period of time, and we should be prepared to such a period," he said.

"The first quarter will the weakest regarding economic growth as it witnessed the bulk of inevitable adjustment of economic dynamics. However, starting already from the second half of the year we do not rule out a possible economic recovery," Siluanov said.

Inflation forecast

According to Siluanov, Russia's Finance Ministry expects inflation in Russia to be 11% by the end of 2015. Previously, he expressed the opinion that inflation would be lower than the official forecast of 12.2%.

"At the end of the year, we are expecting to reduce inflation to 11%. Gradually, more and more economists are beginning to join our estimates," he said.

According to Elvira Nabiullina, the Head of Russia's Central Bank inflation in Russia in 2015 will amount to 12% to 14%, closer to the lower end of the range.

According to Russia's Federal Statistics Service, the annual inflation in March of 2015 reached 16.9%.

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