inflation in Russia in annual terms does not exceed 3.5% – Kommersant

Russian Prime Minister Mikhail Mishustin said that inflation in the Russian Federation remains moderate and from January to July it amounted to 2.9%. In annual terms, inflation does not exceed 3.5%, which is one of the lowest rates in the world, he added during a meeting on economic issues. Telegram.

During the meeting, the prime minister also said that the stable situation in Russia remains on the labor market – since February, unemployment has been at a record low level of about 3.2%.

The Prime Minister said that for the first five months, GDP growth is estimated at 0.6%, and in May it amounted to 5.5% in annual terms.

In addition, Mr. Mishustin announced an increase in industrial production in Russia by 1.8% over the reporting period. The growth of the manufacturing sector reached 13%, he added.

According to the Ministry of Economy, for the week from June 27 to July 3, annual inflation accelerated to 3.43%. The Central Bank’s target for inflation is 4%.

Early July began sharp fall of the ruble. Head of the Bank of Russia Elvira Nabiullina recognizedthat the weakening of the ruble carries pro-inflationary risks for Russia and the Central Bank will take into account the situation when deciding on the key rate (now it is 7.5%). The next meeting of the Central Bank will be held on July 21.

Erdni Kagaltynov