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Direct Line and Vladimir Putin's Press Conference

Inflation in Russia to speed up to 8% by year-end — Putin

The president also noted an increase in industrial production

MOSCOW, December 14. /TASS/. Inflation in Russia may speed up to 8% by the end of this year, though the government and the Bank of Russia are taking steps to get it to the targeted levels, President Vladimir Putin said during his combined Direct Line Q&A session and year-end press conference.

"Unfortunately, inflation has gone up, indeed. [Inflation - TASS] is expected at 7.5% by the end of the year, probably slightly higher, at 8%. However, the Central Bank, the government are taking necessary steps. We can still discuss it, I mean the key rate hike and some other measures that the Central Bank and the government are taking, and we assume that we will manage to get back to targeted levels," he said.

The president also noted an increase in industrial production. "Industrial production is growing with solid rates, by 3.6%, and the growth of manufacturing is especially pleasing," he said.

Putin also mentioned a 10% growth of fixed investment, which guarantees stable development in the midterm, a 24% increase in business profits, and the soundness of Russia’s banking system.

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