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MOSCOW, December 11. /TASS/. The trade restrictions imposed against Turkey will not substantially affect inflation dynamics, according to the documents published by Russia’s Central Bank after its board meeting on monetary policy on Friday.
"At the beginning of 2016 annual inflation will go down substantially, which will be explained by its high rate at the beginning of 2015 among other factors. Introduction of trade restrictions against Turkey starting from January 2016 will not substantially affect the dynamics of consumer prices. At the end of 2015 and the beginning of 2016 potential upturn in inflation triggered by those restrictions is estimated within the range of 0.2-0.4 percentage points," the regulator said.
According to the Bank of Russia, annual inflation in 2016 and 2017 will be held down by weak consumer demand and moderately tough monetary environment.
On the other hand, inflation slowdown will predetermine lower inflationary expectations.
Russia’s financial regulator projects annual inflation rate to stand at around 6% in end-2016 and reach the target of 4% in 2017.