Economic Ministry sees Feb inflation at 2.2-2.3% in annual terms

MOSCOW, Feb 13 (PRIME) -- Russia’s inflation will amount to 0.2-0.3% in monthly terms and 2.2-2.3% in annual terms in February, as seen by PRIME in the materials of the Economic Development Ministry released on Tuesday.

The Federal State Statistics Service earlier said that inflation decelerated to 2.2% in annual terms in February from 2.5% registered in December.

The ministry expects that annual inflation may fall to 2% in June after accelerating in March. It said that temporary factors are not the only reason for the dynamics.

Monetary inflation decelerated by 0.9 percentage points to 1.6% in monthly terms or to 2.5% in annual terms in January from 2.6% in December.

The authority also said that Russia’s budget surplus may amount to 1.2% of gross domestic product (GDP) in 2018 and the National Wealth Fund may add 3.5 trillion rubles if current oil prices retain.

The 2018 budget law envisages a deficit of 1.3% of GDP.

Russia’s 2018 industrial development dynamics may remain weak in the next months because of participation in an OPEC+ oil production cut agreement and a decrease gas exports, the ministry said.

In 2017, production rose 1.8% on the year in January-September, but demonstrated a 1.8% fall in October-December due to a combination of factors.

The authority also said that 2017 GDP growth data may be adjusted from 1.5% by the Federal State Statistics Service.

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