UPDATE: Cbank forecasts Russian inflation at 5.4–5.8% in 2016

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MOSCOW, Dec 16 (PRIME) – Russian consumer prices will increase by 5.4–5.8% in 2016, Central Bank Chairwoman Elvira Nabiullina said at a press conference on Friday.

“According to our estimates, the annual consumer price growth rate fell to 5.6% as of December 12. Inflation accumulated since the beginning of the year amounted to 5% at the end of November, this is a record low for the entire history of observations,” Nabiullina said.

“We expect 5.4–5.8% inflation at the end of the year.” In fact, inflation will be closer to the lower margin of the range, Nabiullina said.

Inflation fluctuations are not ruled out in 2017–2019 but it is important for the central bank to keep inflation as close to 4% as possible, she said.

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