UPDATE: Russian economic minister sees inflation at 5.4–5.5% in 2016

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ISTANBUL, Oct 10 (PRIME) -- Russia’s consumer price inflation will amount to 5.4–5.5% in 2016, below the official forecast of 5.8%, Economic Development Minister Alexei Ulyukayev told reporters Monday.

“Our accumulated inflation now stands at 4.1% since the start of the year and 6.4% compared with the corresponding last year period,” he said.

“It will be around 0.4% in each of the three remaining months, in December it can be a bit higher – 0.5%. All together this produces inflation of 5.4–5.5% for the entire year.”

Ulyukayev said he did not share the central bank’s position to maintain the key rate until the first half of 2017, while the inflation target of 4% could be reached before the end of 2017 due to a low consumer demand.

The central bank has said that probability of inflation of below 5.5% in 2016 has increased, while risks of Russia missing the inflation target of 4% in 2017 still remain.

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