Cbank affirms Russia’s 2016 inflation at 7% on $35 oil price

MOSCOW, Jan 13 (PRIME) -- Russia’s inflation will stand at 7% in 2016 under a stress scenario envisaging an average annual oil price of U.S. $35 per barrel, Igor Dmitriyev, head of the central bank’s monetary policy department, said Wednesday at the Gaidar Forum.

“By the end of 2016 (inflation will stand at) 7% under a stress scenario,” Dmitriyev said, confirming previous forecasts.

Earlier, the regulator also projected annual inflation to fall to a target level of 4% in 2017 if oil stands at around $50 per barrel. In December, it said that a long period of oil prices below $40 per barrel bears significant risks for the forecasts.

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