Russia has no plans to change 2017 CPI forecast strongly

SHANGHAI, China, Aug 1 (PRIME) -- Russia’s Economic Development Ministry will hardly change its 3.8% inflation forecast for 2017 significantly, Minister Maxim Oreshkin told reporters on Tuesday.

He also said that a recent surge of vegetable prices has slowed inflation deceleration down but the decrease will continue.

“Our inflation estimates are unchanged. Since we made a forecast in April, our figures have not changed. I think that the inflation target is unlikely to change. Our estimate is 3.8% at the end of the year. As for inflation, there will barely be serious changes,” the minister said.

Oreshkin said that Western sanctions have helped Russia to focus on the problems of its economy and enter the phase of active economic growth.

“The conclusion of the last three years: the economic and trade policies have paid their attention to the domestic problems. We are working on solving them , which is why the economy has entered a phase of active growth in spite of the fact that oil prices remain on a low level,” Oreshkin said.

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