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Russia may see deflation in early September — Economy Ministry

August 31, 2016, 18:59 UTC+3

Inflation dynamics matches yearly outlook, says the Central Bank

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MOSCOW, August 31. /TASS/. Russia may see deflation in early weeks of September, the Ministry of Economic Development told TASS on Wednesday.

"We do not rule out deflation in coming weeks," the ministry’s representative said.

September inflation outlook in annual and monthly terms will depend on August price dynamic, the Ministry said. The August estimate is maintained within the range from 0.2% deflation to 0.1% inflation.

Inflation was zero from August 23 to 29 after 0.1% price growth a year earlier, Russian statistic agency Rosstat said earlier on Wednesday.

Inflation dynamics matches yearly outlook

The press service of the Bank of Russia said on Wednesday inflation dynamics in Russia corresponds to 5-6% indicated in the annual outlook of the Central Bank and zero inflation in the last week of August was driven by food prices dynamics.

"Price dynamics observed recently is largely determined by fluctuations of agricultural product prices, primarily fruit and vegetables. Dynamics of agricultural product prices in its turn corresponds to the traditional seasonal pattern of the price changes in August and is fully within the scope of earlier outlooks of the Bank of Russia. Inflation will be 5-6% at year-end according to them," the regulator said.

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