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Russia’s Economic Development Ministry forecasts deflation in August

July 08, 2015, 19:53 UTC+3 UFA
Earlier Deputy Economic Development Minister Alexey Vedev told TASS the Ministry expects a 2-2.5% deflation in the food segment in the third quarter of 2015
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© Vladimir Smirnov/TASS

UFA, July 8. /TASS/. Russia’s Economic Development Ministry forecasts deflation in August, while in July deflation is unlikely, Economic Development Minister Alexey Ulyukayev told reporters on Wednesday.

"Deflation in July is unlikely but in August it is possible," the minister said.

On Tuesday, Ulyukayev said that he expects deflation in the segment of non-food goods.

"So far we’ve only recorded deflation in the food sector. All in all, in total of goods and services we’re having slightly more than zero — 0.3%. However, we assume that in the nearest future deflationary influence will also cover the non-food sector of goods and services," he said in an interview aired by the Rossiya-24 TV news channel.

Earlier Deputy Economic Development Minister Alexey Vedev told TASS the Ministry expects a 2-2.5% deflation in the food segment in the third quarter of 2015.

"We are expecting deflation on food market in the third quarter at the level of 2-2.5%," he said, adding that due to these expectations inflation in July won’t exceed the June figures even despite the expected adjustment of public utilities rates from July 1.

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