Inflation rate in Russia to be 7-7.5 percentStaff writer ▼ | February 15, 2016
The inflation rate in Russia will amount to 7-7.5 percent by the end of 2016, Economic Development Minister Alexei Ulyukayev said.
Russia Economic Development Minister Alexei Ulyukayev:
He added that February inflation in Russia on a year-on-year basis would amount to 8.3-8.4 percent which is drastically less than a 15-percent rate in the fall of 2015.
The Russian economy was hit by falling oil prices and the Western sanctions imposed against Russia over the Ukrainian crisis. In 2014, the ruble lost almost half of its value against the dollar triggering soaring inflation in the country.
In January, the annual inflation in Russia was 9.8 percent. ■