Minister says Russia’s annual inflation slows to 3%

MOSCOW, Oct 5 (PRIME) -- Russia’s annual inflation has slowed to 3% at the moment, Economic Development Minister Maxim Oreshkin said at a forum on Thursday.

“This year the Russian economy has entered the phase of economic growth after two uneasy years. Now the pace of gross domestic product (GDP) growth exceeds 2%. We expect (growth of) 2.1% for the year. Inflation fell to 3%,” Oreshkin said.

Volatility of oil prices remains a risk for the Russian economy, but the budget and the current account balance are already stable at the oil price of U.S. $40 per barrel, he also said.

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