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Russia passing to low inflation epoch — Central Bank

July 18, 17:48 UTC+3

"It means for spending units that the purchasing power of budget expenses is becoming more stable and predictable," first deputy chairperson of the Bank of Russia said

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MOSCOW, July 18. /TASS/. The Russian economy is entering the low inflation epoch, First Deputy Chairperson of the Bank of Russia Kseniya Yudaeva said on Tuesday.

"We are making a transition to the low inflation epoch. It means for spending units that the purchasing power of budget expenses is becoming more stable and predictable," she said.

High inflation or a very strong ruble rate decline do not benefit the budget because the purchasing power in such situation is declining contrary to nominal income growth, Yudaeva said.

The main goal of the Russian Central Bank for the next 5 years will be keeping inflation at the target level of 4%, Elvira Nabiullina, Governor of the Central Bank of Russia, said earlier.

According to the data provided by the national state statistics service Rosstat, monthly inflation in Russia amounted to 0.6% in June, while annual inflation accelerated to 4.4% from 4.1% in May.

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