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Inflation in Russia to stand at 6-7% in 2016 — finance minister

September 23, 2015, 14:26 UTC+3 MOSCOW
The Finance Ministry projects inflation at 12.2% in 2015
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© Vladimir Smirnov/TASS

MOSCOW, September 23. /TASS/. Russia’s Finance Ministry projects inflation at 6-7% in 2016, Finance Minister Anton Siluanov said on Wednesday.

"Inflation has been obviously going down in recent quarters. Q2 and Q3 have been witnessing a sharp decline in consumer prices growth rate. We expect inflation to reach 6-7% next year," the Minister said.

Earlier on Wednesday Siluanov said inflation is projected at 1.8% for Q3 in Russia despite substantial devaluation of the ruble in August. "We managed to curb inflation as it dropped from 7.3% in Q1 to 1.1% in Q2 and [is projected at] 1.8% in Q3 despite substantial devaluation of the ruble in August," he said. This year "has seen an extremely high risk of inflationary spiral," the Minister added.

The Finance Ministry projects inflation at 12.2% in 2015, the Central Bank - at 12-13%.

Russia to face high inflation "for some time" 

High inflation negatively impacts Russia’s lending sector, First Deputy Prime Minister Igor Shuvalov said on Wednesday.

"Banking capital is currently almost inaccessible for entrepreneurs, especially for small business. It’s obvious that we’ll be facing high inflation for some time. Until we get inflation under control within 4-5% banking credit will still be rather expensive for small business," Shuvalov said.

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