UPDATE: Medvedev: Govt sees Russia’s inflation slightly above 3% in 2017

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GORKI, Moscow Region, Oct 16 (PRIME) -- The Russian government expects that inflation will be slightly above 3% in 2017, Prime Minister Dmitry Medvedev said on Monday.

“We can state with confidence that the Russian economy has entered the phase of growth. This is happening on the back of a record low inflation, it is more and more corresponding to those frameworks that are typical of developed countries,” Medvedev said.

“It has not gone above 2% since the start of the year, and we expect moderate figures for the year, maybe a little bit more than 3%. There has not been such a low level for the entire contemporary history of our country.”

The Russian economy has fully adapted to new conditions, the gross domestic product (GDP) and industrial production are growing, he said.

Medvedev also confirmed that Russia does not plan to increase the tax burden for businesses.

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