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20 October, Friday

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Inflation in Russia deviated from target level of Central Bank - Izvestia

Economy/Business

UFA, 7 September 2017. /Bashinform News Agency, Galiya Nabieva/.

The annual inflation of the Russian Federation deviated from the target level of the Central Bank and is 3.3% according to the Ministry of Economic Development for August, said the head of the economic department Maxim Oreshkin in an interview with Izvestia.

"The latest data for August is not only a half-percent deflation. This is an annual inflation of 3.3%. This is a significant deviation from the target level of the Central Bank of 4%", the minister said.

He stressed that stability of this indicator was more important for the economy of the country, but not its level and the Bank of Russia faced the task of keeping the inflation near the target level. "I think the Central Bank team will cope with this, and in the coming quarters we will see the return of the inflation to the target indicator of 4%", the head of the Ministry for Economic Development assured.

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